“While the rally may continue over the upcoming weeks, the hourly chart shows price giving up some ground as RSI turns flat around 70: current corrective movement will find immediate support at 1.0440 former monthly high,” comments Valeria Bedanrik, Chief Analyst at FXstreet.com. “Expect buyers to show around 1.0440, and a stronger buying interest if price reaches 1.0400 area.”
June HIA New Home Sales will be released by the Housing Industry Association at 01:00 GMT, and will serve as key risk event for AUD during the Asia-Pacific session. Beyond the mentioned 1.0440 and 1.0400 levels, further support is noted at 1.0360. To the upside, resistance levels lie at 1.0480, 1.0510 and 1.0550.