AUD/USD: pressuring key resistance area
|AUD/USD Current price: 0.7362
- Australian data beat expectations helping Aussie to hold on to recent gains.
- US FOMC Meeting's Minutes have little chances of boosting a USD recovery.
Having spent most of the day in negative territory, the AUD/USD pair picks up on renewed pressure on the greenback, as ever since Trump talk last Monday, market players are taking every political header as a chance to sell the greenback. This time, were comments from the lawyer of Michael Cohen, President Trump's former personal lawyer and fixer, who said that there is "no dispute" that the President committed a crime. Australian data released earlier today was pretty encouraging, as the Westpac–Melbourne Institute Leading Index, rose from –0.06% in June to +0.55% in July. The Q2 Construction Work Done more than doubled market's forecast, printing 1.6%. vs. the expected 0.7%. while the previous reading was revised to 2.4% from 0.2%.
The AUD/USD pair trimmed early losses and struggles around its daily opening, also the 61.8% retracement of its latest decline. The pair has been unable to clear this area but keeps pressuring it, somehow anticipating some additional gains ahead, moreover if the upcoming FOMC Meeting's Minutes fail to motivate dollar's bulls. In the 4 hours chart, the price remains firm above a bullish 20 SMA, with this last converging with the 50% retracement of the mentioned slide at around 0.7330, also above its 100 SMA. Technical indicators in the mentioned chart offer upward slopes within positive territory, having completed a downward correction from overbought readings, adding to the bullish case.
Support levels: 0.7335 0.7300 0.7270
Resistance levels: 0.7380 0.7410 0.7445
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.