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/USD: Rejects 0.7780 To Finish Lower

AUD

AUD/USD last up 8 pips at 0.7741 in Asia, the pair finished lower on Wednesday, losing around 50 pips from highs at 0.7780.

  • The greenback ticked higher, which weighed on the pair. Broader focus fell on Fedspeak and the approval from the U.S. House of Representatives to proceed with the impeachment of U.S. Pres Trump.
  • AUD/USD traded to a fresh high last week of 0.7820 but has since retraced and is still likely in a corrective phase, despite trading higher yesterday. The near-term outlook is bearish. Support levels to watch are located at 0.7659/43, the 20-day EMA and Jan 4 low. A break of this support zone would signal scope for a deeper retracement, initially towards 0.7603, Dec 30 low. On the upside, a breach of 0.7820 would resume the trend
  • There is no economic data on the docket from Australia Thursday. Participants will look ahead to November Home Loans data on Friday.

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