AUD/USD: bounce not enough to put Aussie on the bullish path

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7568

The Australian dollar recovered ground overnight, with the AUD/USD pair up to 0.7582 intraday amid broad dollar's weakness. The greenback shed ground on the back of easing Treasury yields, while the Aussie got some support from a strong advance in gold prices, up amid persistent equities´ declines. The price, however, pulled back to consolidate right below the 23.6% retracement of the latest bullish run at 0.7575, the immediate resistance.

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The 4 hours chart shows that the price stands a few pips above a still bearish 20 SMA, whilst technical indicators have recovered from oversold readings, but pared gains right around their mid-lines , losing upward momentum, indicating buying interest is limited, and that chances of further advances will depend on US self-weakness. US Markit preliminary June PMIs and May New Home Sales will likely define dollar's behavior during this last session of the week.

Support levels: 0.7530 0.7470 0.7425

Resistance levels: 0.7575 0.7600 0.7635

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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