AUD/USD consolidates below 0.7500

The US dollar weakened across the board after the beginning of the US session. AUD/USD  rose toward daily highs at a slow pace but remained under 0.7500. The pair continues to consolidate, unable to move significantly off weekly low, after falling yesterday a hundred pips.

In a small range

Since Tuesday’s American session AUD/USD has been moving within a modest range with support at around the 0.7440/50 area and resistance under 0.7500. The pair is consolidating near at the 20-day moving average (0.7480).

On the positive side for the Aussie it is the first time during the week that it does not hit weekly lows. It has been able to hold above yesterday’s lows at all times today.

Pressure from AUD/NZD

Against the kiwi, the Australian dollar fell today to the lowest level since April 2015. AUD/NZD broke below 1.0250 and fell to 1.0235. The pair is headed toward the sixth weekly decline in a row. With the pair trading closer to the parity level and with key data ahead for New Zealand (Q2 GDP) and Australia (employment) volatility could rise in the coming hours.