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AUD/USD back to the 0.7170 area, eyes daily highs

  • Aussie recovers from 1-week lows against US dollar. 
  • Greenback mixed across the board, AUD gains versus CAD and NZD.

The AUD/USD pair bottomed earlier today 0.7145, the lowest in a week. It recovered and approached daily lows again after the release of US data. The Philly Fed index surpassed expectations and boosted the greenback modestly. 

During the US session and despite higher US yields, AUD/USD rose back the 0.7170, remaining slight below Asian session highs. It is trading at 0.7170, flat for the day, moving in the range 0.7175-0.7145. 

Among commodity currencies, the Aussie today is the best performer. AUD/NZD broke above 1.0600 and climbed to 1.0646, the highest level since early December. Over the last three days, the pair gained almost a hundred pips, offering support to AUD/USD. 

Levels to watch 

The AUD/USD is trading slightly below Asian session highs located at 0.7175, the immediate resistance. Just a few pips above, at 0.7185 (20-MA in four hours chart) lies the next resistance followed by 0.7210. On the flip side, 0.7160 could be seen again as a support level and below 0.7145 (Jan 17 low) and 0.7115. 

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