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6 Jan 2015
AUD/USD trades below 10-DMA
FXStreet (Mumbai) - The AUD/USD pair pared part of its gains to trade below the 10-DMA located at 0.8126 levels, despite the Treasury yields in the US extending losses.
The Australian dollar received a shot in the arm earlier today after the data showed China’s services sector grew at its fastest pace in three months in December as new orders remained strong. Furthermore, reports came-in that China is accelerating 300 infrastructure projects valued at 7 trillion yuan this year as policy makers seek to shore up growth.
However, the Aussie failed to extend gains as it eased off from the high of 0.8156 against the USD at the onset of the European session. Moreover, gains may have been capped after the official data in Australia showed the trade deficit widened to USD 925 million in December from USD 877 million in the previous month. The AUD/USD pair currently trades 0.47% lower at 0.8122 levels.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8126 (10-DMA), above which the Aussie could re-test 0.8156 levels. Meanwhile, support is seen at 0.8084 and 0.8051 levels.
The Australian dollar received a shot in the arm earlier today after the data showed China’s services sector grew at its fastest pace in three months in December as new orders remained strong. Furthermore, reports came-in that China is accelerating 300 infrastructure projects valued at 7 trillion yuan this year as policy makers seek to shore up growth.
However, the Aussie failed to extend gains as it eased off from the high of 0.8156 against the USD at the onset of the European session. Moreover, gains may have been capped after the official data in Australia showed the trade deficit widened to USD 925 million in December from USD 877 million in the previous month. The AUD/USD pair currently trades 0.47% lower at 0.8122 levels.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8126 (10-DMA), above which the Aussie could re-test 0.8156 levels. Meanwhile, support is seen at 0.8084 and 0.8051 levels.