AUD/USD Price Analysis: Nears weekly high above 0.6900 after Aussie PMI
|- AUD/USD fails to keep the weekly top of 0.6926 despite upbeat Aussie data.
- Australia’s CBA PMI data crossed market consensus and prior during June.
- A sustained break of 200-HMA, short-term falling trend line favors the bulls.
- Last-Tuesday’s top might offer an intermediate halt during the rise towards 0.7000 threshold.
Having recently refreshed the one-week top to 0.6926, AUD/USD recedes to 0.6918 during the early Asian session on Tuesday. The pair recently ignored the strong activity numbers from Australia. In doing so, the quote seems to concentrate back on the early-day retracement amid challenges to the previous risk-on sentiment.
Read: AUD/USD consolidates around 0.6900 after snapping four-day losing streak
Australia’s Commonwealth Bank recently released the preliminary reading of June month PMI. As per the data, Manufacturing PMI crossed 49.3 forecast to 49.8 whereas Services PMI registered a solid rise to 53.2 versus 25.7 expected and 26.9 prior.
Read: Australia’s Commonwealth Bank Manufacturing PMI arrives at 49.8 in June vs. 49.3 expected
Even so, the bulls cheer the ability to stay past-200-HMA and a falling trend line from June 10 to aim for 61.8% Fibonacci retracement level of June 10-15 fall, around 0.6955. Though, June 16 top near 0.6975 could act as a buffer during the pair’s rise to 0.7000 round-figures.
Should the buyers remain dominant past-0.7000 round-figure, the monthly top around 0.7065 can easily be refreshed with 0.7100 being the follow-on target on their radars.
Alternatively, a confluence of 200-HMA and 38.2% Fibonacci retracement close to 0.6885 offers nearby support to the pair during the pullback. Though, the resistance-turned-support, currently around 0.6850, may restrict the quote additional weakness.
In a case where the sellers sneak in around 0.6850, 0.6800 and the monthly bottom surrounding 0.6775 will become their favorites.
AUD/USD hourly chart
Trend: Further recovery expected
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.