AUD/USD moves off lows after US data

FXstreet.com (Córdoba) - The AUD/USD managed to move off session lows at the beginning of the American session as the US dollar weakened on the back of disappointing GDP and employment data.

AUD/USD recovered nearly 40 pips after the data, although it was unable to turn positive as it remained capped by the 0.9625 zone. At time of writing, AUD/USD is trading around 0.9620, still 0.1% below its opening price.

From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that AUD is in a major bearish trend. "Approaches to 0.9660 in case of recoveries should see sellers surging and halting the advance, while a break below 0.9580 will favor a downward continuation towards 0.9520 price zone", said the analyst.