AUD/USD rebounds from one-week lows back above 0.6950
|- US dollar loses momentum as Wall Street turns higher.
- AUD/USD keeps trading in consolidation range under 0.7000.
The AUD/USD pair extended gains during the American session on the back of an improvement in risk sentiment. Earlier on Tuesday, the pair bottomed at 0.6920, the lowest intraday level since July 3. Recently hit a fresh daily high at 0.6970.
A slide across the board of the US dollar as equity prices in Wall Street turned decisively to the upside, boosted AUD/USD. The DXY is falling 0.20%, at 96.25, on its way to the lowest close in a month.
Economic data from the US showed inflation rose slightly above expectations in June. The number had no impact on markets. Traders are looking onto US coronavirus cases and Q2 earnings.
Technical outlook
The AUD/USD pair continues to move in a wide consolidation range between 0.6920 and 0.7000. Price needs to break and hold above 0.7000 to clear the way to more gains or post a close under 0.6910 (20-day moving average) to point to more losses.
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.