AUD/USD falters after US data

FXstreet.com (New York) - The AUD/USD foreign exchange rate effectively dropped lower Thursday, this time on the heels of upbeat US data.

Following the recent drop, the AUD/USD is operating at just 0.9179, or -1.26% in these moments. According to Mataf.net analysts, the AUD/USD will look towards supports at 0.9186 followed by 0.9075, and finally 0.8890.

AUD/USD could target 0.9130

“The AUD/USD technical pair assumed a clear downside bias as we expect the downtrend to roll on during the U.S. Session, targeting the bearish channel's support around 0.9130. The expected downtrend remains valid as long as the pair settles below 0.9400 however, we prefer to see it below 0.9305 to back expectations of a bearish trend.” warns the ICN.com Analyst Team.

In the United States, the Philadelphia Fed Manufacturing Survey (June) came in at 12.5, vastly outperforming expectations of -0.2. In addition, the CB Leading Indicator (MoM) was reported at +0.1% in May, missing estimates of +0.2%. Finally, Existing Home Sales Change (MoM) grew +4.2% in May, crushing projections of +0.6%