FXstreet.com (Barcelona) - FXstreet.com (Barcelona) - The Australian Dollar is trading a tad lower ahead of the Tokyo open, following an eventful Australia Jun AiG Performance of Construction Index release, which came at 34.8 in June vs 34.7 the month before. AUD/USD is presently at 1.0280, having firmed up from area of value for buyers around 1.0240, although it still remains some 40+pips off weekly highs at 1.0327 post second China 25bp rate cut.
Technically, Valeria Bednarik, who works as Chief Analyst at FXstreet.com, said: "Aussie managed to hold to recent gains despite the risk aversion environment and the Chinese rate cut, yet investors may start wondering now if it worth keep buying the pair: while the hourly chart shows indicators mostly flat, in the 4 hours one technical divergences continue developing. Still, pair is far from suggesting a slide and only below 1.0220 the bearish pressure will start increasing."
Valeria report reads: "Support levels: 1.0250 1.0220 1.0180, Resistance levels: 1.0290 1.0325 1.0360."
Technically, Valeria Bednarik, who works as Chief Analyst at FXstreet.com, said: "Aussie managed to hold to recent gains despite the risk aversion environment and the Chinese rate cut, yet investors may start wondering now if it worth keep buying the pair: while the hourly chart shows indicators mostly flat, in the 4 hours one technical divergences continue developing. Still, pair is far from suggesting a slide and only below 1.0220 the bearish pressure will start increasing."
Valeria report reads: "Support levels: 1.0250 1.0220 1.0180, Resistance levels: 1.0290 1.0325 1.0360."
