FXStreet (Mumbai) – The Australian dollar turned in to the negative territory versus the US dollar in the late-European session, knocking-off AUD/USD to fresh session lows near the mid-point of 0.77 barrier. The Aussie keeps losses as the greenback regained lost ground ahead of the important US macro data due to be published later today.
AUD/USD drops from 0.7775
Currently, the AUD/USD pair trades -0.15% lower at 0.7757, hovering close to fresh session lows posted at 0.7752. The Aussie trades lower as traders continue to closely watch Greek updates ahead of US macro data which is likely to boost USD bulls further.
The major driver for world markets remains the Greek story that many participants believe is set to finally conclude positively on Monday. The emergency summit on Greece will start in Brussels later in the day and traders feel optimistic Greece and its lenders will be able to seek an agreement and avert the country’s default.
Earlier this session, the Aussie was strongly bid and rose to daily highs at 0.7797 as traders were buying riskier currencies in anticipation of a quick Greek solution. While in Asia, RBA board member Edwards told a conference in Canberra on Monday that the Australian dollar “is still too high,” echoing the central banks’ Governor Glenn Stevens’ remarks on the exchange rate.
Looking ahead, markets await Greek outcome, besides US existing home sales due later today will be closely watched ahead of China PMI and Aus HPI q/q data to be reported tomorrow.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7797 (Today’s High) levels, above which gains could be extended to 0.7851 (June 18 High) levels. On the flip side, support is seen at 0.7734 (June 19 Low) levels from here it to 0.7708 (June 18 Low) levels.
(Market News Provided by FXstreet)