AUD/USD Current price: 0.7460
- AUD/USD settles above a key resistance, now support.
- Market players now waiting for NAB's indexes and Chinese inflation.
The AUD/USD pair rose to 0.7483, its highest since June 14th, at the beginning of the day, underpinned by a recovery in base metals and broad dollar's weakness. Nevertheless, and despite soaring equities, the pair trimmed most of its daily gains as the dollar found some market's favor after Wall Street's opening, with the pair ending the day a handful of pips above Friday's close but more relevant, with the 0.7440/50 area holding the downside. There were no macroeconomic releases in Australia that could affect the pair early Monday, but the upcoming Asian session will be more lively, as the country will release the NAB's Business Confidence index for June, expected at 8 from the previous 6, and the NAB's Business Conditions index, also seen improving from 15 to 18. Also, China will offer its June inflation figure, seen up YoY 1.9% from the previous 1.8%. The 4 hours chart for the pair shows that it found some intraday sellers around its 200 SMA, but also that it's holding above a bullish 20 SMA which advances above the 100 SMA, suggesting that buyers are still strong. In the same chart, technical indicators have barely retreated from overbought readings before losing their downward slopes, also indicating that the upside remains favored.
Support levels: 0.7445 0.7400 0.7370
Resistance levels: 0.7490 0.7530 0.7565
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.