AUDUSD: Looking for a run back towards 0.7500
|The Aud had a relatively tight range on Monday (0.7435/88), but remains well underpinned against the US$, and looks as though it is going to grind its way slowly towards 0.7500.
Technically, the 1 and 4 hour charts both look slightly positive again on Tuesday, while the dailies also look increasingly constructive, and beyond Monday’s high would open the way to the Fibo level at 0.7502, beyond which would allow a run to 0.7545/55, although probably not today given the absence of any major data to drive it.
On the downside, minor support is seen at the session low of 0.7435, ahead of 0.7400/10 and the recent lows at 0.7384/88. Below this would open the way to the 12 May low of 0.7366 and 0.7350 (minor), ahead of the stronger 0.7330 level. Back below the 9 May low of 0.7328 would find little to hold the Aud up until 0.7300 and the rising trend support, at 0.7285, although this seems unlikely to be seen for a while.
For Tuesday, buying dips would once again seem to be the plan, looking for a run back towards 0.7500. There is little local data due this week and external factors are likely to drive the pair.
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