AUD/USD corrects lower after running into resistance at 0.6935


  • US Dollar off lows but still holds to most of the post-Fed losses. 
  • Australian Dollar losses strength as equity prices pull back from highs. 

The rally of the AUD/USD pair that started after the FOMC meeting on Wednesday and pushed it back above 0.6900, run into resistance at 0.6935. As of writing, trades at 0.6915, 40 pips above yesterday’s close and still holding a bullish tone. 

From a technical perspective, the area around 0.6935 is a strong barrier that if broken could lead to a test of the next critical level seen at 0.6950. On the flip side, the 0.6900 area has become a key support. 

The move higher in AUD/USD was boosted by the dovish Fed meeting. The greenback accelerated the decline today as markets price in more rate cuts from the Fed. Data released today in the US came in mixed with a decline in jobless claims and also a larger-than-expected slide in the Philly Fed. The numbers were ignored by market participants that continue to focus on the implication of yesterday’s FOMC statement. In Australia, the central bank meets on July 2 and a rate cut is mostly discounted. 

The rally in global stocks also added support to the pair, but over the last three hours it lost momentum and Wall Street indexes move off highs, favoring the correction in AUD/USD. 

More levels 

AUD/USD

Overview
Today last price 0.6917
Today Daily Change 0.0037
Today Daily Change % 0.54
Today daily open 0.688
 
Trends
Daily SMA20 0.693
Daily SMA50 0.6988
Daily SMA100 0.7051
Daily SMA200 0.7111
Levels
Previous Daily High 0.691
Previous Daily Low 0.6854
Previous Weekly High 0.7009
Previous Weekly Low 0.6861
Previous Monthly High 0.7062
Previous Monthly Low 0.6862
Daily Fibonacci 38.2% 0.6889
Daily Fibonacci 61.8% 0.6876
Daily Pivot Point S1 0.6853
Daily Pivot Point S2 0.6826
Daily Pivot Point S3 0.6798
Daily Pivot Point R1 0.6908
Daily Pivot Point R2 0.6937
Daily Pivot Point R3 0.6964

 

 

 

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