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AUD/USD slips below 1.0250, set to close early gap

By FXstreet.com,  July 01, 2012, 06:14:00 PM EDT

FXstreet.com (San Francisco) - After climbing 1.9% to an eight-week high of 1.0233 on Friday, the Australian dollar managed to extend gains in early Asian trading following a better than expected weekend reading of Chinese manufacturing activity, stoking economic growth bets.

AUD/USD jumped to 1.0262 at the at the opening and now operates in consolidation mode around the 1.0250 mark. Late last week, positive developments out of the EU summit lifted risk appetite, but should the optimism fade in the days ahead, the pairing may come under pressure, with support noted at 1.0222 (20 June high), while resistance is seen at 1.0303 (29 may low). AUD/USD last trades at 1.0245, looking poised to close the opening gap this Monday.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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