AUD/USD holding near highs ahead of Aussie employment figures

The AUD/USD is trading just beneath the 0.7400 level after dipping into a low of 0.7340 in Wednesday's action, before recovering steeply. Broader markets lost their flavour for the US Dollar heading into the last session of yesterday's trading.

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The Eurozone inflation is expected to rise 2.0% y/y in June with core inflation increasing 1.0% y/y. The UK inflation is expected to pick up to 2.6% y/y in June while core inflation is expected to rise 2.2% y/y in June.

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Aussie touches two week low but bounces to test key resistance at 0.74

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ECB's Minutes cooled down hopes for a sooner rate hike in the EU

The dollar resumed its advance in a week where the trade war ups and downs, once again led the way. Trade tensions escalated mid-week on the back of headlines indicating that the US was planning to launch a list worth $200B goods, on where to impose a 10% tariffs.



Yohay Elam

The EUR/USD is trading lower as the US Dollar sweeps the board. While it has some room to recover, the path of least resistance remains to the downside.

The Technical Confluences Indicator shows that the most significant hurdle awaits at the 1.1685 region which is the congestion of the potent Fibonacci 38.2% one-day, the Fibonacci 388.2% one-week, the Bolinger Band one-hour-Middle, and the Simple Moving Average 100-15m. This high level leaves room for recovery, but this recovery will not be too easy.

1.1654 is the convergence of the Simple Moving average 10-1h, the SMA 50-15m, the one-day high and the SMA 5-1h. A minor line is 1.1641 which is the SMA 10-15m and the Fibonacci 38.2% one-month.

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