FXStreet (Mumbai) – AUD/USD bounced-off fresh 2-month lows and jolted higher in mid-Asian trades, recovering swiftly from below 0.76 barrier. The Aussie bulls jumped back into the bids as traders ditched the negative sentiment around Greece and swung back higher as the latest easing effort by China offered the bulls some respite.
AUD/USD rises from 0.7588
Currently, the AUD/USD pair trades 0.34% higher at 0.7684, quickly retracing from fresh session highs of 0.7694. The pair erased early losses and climbed higher as traders continued to cheer Saturday’s Chinese rate cut announcement. China is New Zealand’s and Australia’s largest export market.
Moreover, higher gold prices on increased safe-haven bids on Greece crisis also supports the resource-linked Aussie.
However, the upside remains capped on underlying Greek concerns continues to dampen investors’ sentiments, weighing on risk-sensitive currencies lower.
Greece called for a referendum to be held over whether or not to accept its creditors’ austerity measures. Failure to accept measures could lead to an exit from the European Union.
In the day ahead, markets keep an eye on US pending home sales on data front, while Greece headlines will remain in focus.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7694 (Today’s High) levels, above which gains could be extended to 0.7753 (June 23 High) levels. On the flip side, support is seen at 0.7613 (Today’s Low) levels from here it to 0.7588 (June 28 Low) levels.
(Market News Provided by FXstreet)