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Aussie lower in an overnight session

Thursday, Jul 07 2016
There were no data releases from Australia yesterday. The S&P downgraded the outlook on Australia’s AAA credit rating to negative from stable.
The ratings agency had warned that deadlock on government policy after Saturday’s inconclusive elections could endanger Australia’s rating over the long run. A Reuters poll taken ahead of S&P’s move showed that analysts had raised their outlooks for the Australian and New Zealand dollars due to those countries’ relatively high bond rates and the British pound’s recent plunge.
 
Aussie is currently being traded few points above 0.7470 level. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level.
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