Aussie bounces back during US session

The Aussie recovered from its visit to the 72's overnight as the greenback's run came to an end for now.

The Aussie closed onshore around the 0.7300 level and looked destined to trade either side of this level through the night.

When the US market got into full swing the greenback was hit by an announcement that a major home builder in the US was expecting a slow down in home sales. This combined with the EUR/USD reaching a major support level saw the greenback reverse some of its recent gains and the Aussie in turn move to a high of 0.7360. From here the Aussie has slowly drifted back to open onshore around 0.7340.

With the greenback sliding overnight our cross rates were fairly steady, but the Aussie did continue to out perform the euro, further cementing support around the 0.6200 level.

With the US Dollar on the back foot the Aussie will be looking for support to push through the newly appointed resistance level of 0.7360. Without any major releases until tomorrow the Aussie will struggle to get up though and will more likely work on building support at 0.7320.

It is worth noting that the EUR/USD has a very significant support level at 1.1700 which is providing resistance to the greenback continuing its bullish run and therefore stopping most currencies, including the Aussie, from moving lower.