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FXStreet (Mumbai) - The AUD/USD pair erased gains to trade with moderate losses as the USD is strengthening across the board in the Asian session.
Rejected at 0.78
The pair witnessed rejection at 0.78 levels for the third consecutive session on Friday. The Australian dollar was higher, getting support from weak US housing and manufacturing data and a falling New Zealand dollar. Apart from the weak US data, the AUD was also a beneficiary of NZD jawboning by the Reserve Bank of New Zealand (RBNZ).
However, the slight uptick in the US Treasury yields pushed the AUD/USD lower to 0.7763 from the high of 0.7795 levels.
AUD/USD Technical Levels
The immediate resistance is seen at 0.78, above which gains could be extended to 0.7850. On the flip side, a break below 0.7744 (5-DMA), under which losses could be extended to 0.7713 (50-DMA).