FXStreet (Mumbai) – The Australian dollar continues to swing between gains and losses versus the US dollar in the European morning, keeping AUD/USD in same range above 0.7700. The Aussie trades directionless unable to sustain on either side amid broad US dollar weakness as markets now shift their focus towards Greece developments for fresh cues.
AUD/USD keeps red
Currently, the AUD/USD pair trades -0.11% lower at 0.7727, recovering from session lows posted at 0.7712. The pair gave back early gains and rebounded to fresh lows only to recover partial losses amid lack of fresh triggers.
The Aussie extends its downside bias, reversing a brief spike to the upside seen on Tuesday as traders remain divided on mixed fundamentals globally, completely ignoring US dollar sell-off across the board.
While, the Greek drama is set to continue, with Euro group officials meeting up again to reach a Greek deal, which may keep the USD largely subdued on rising EUR/USD on expectations of Greece solution.
In the day ahead, a heavy North American calendar is expected to keep the traders busy with final Q1 GDP from the US on cards.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7759 (Today’s High) levels, above which gains could be extended to 0.7799 (June 22 High) levels. On the flip side, support is seen at 0.7712 (Today’s Low) levels from here it to 0.7675 (June 12 Low) levels.
(Market News Provided by FXstreet)