AUD/USD extends slide to 0.7450 area ahead of American session


  • AUD/USD remains on the back foot at the start of the week.
  • US Dollar Index edges higher toward 92.50 on Monday.
  • The cautious market mood is helping the USD find demand.

The AUD/USD pair closed the previous week in the negative territory and started to edge lower after fluctuating in a tight range during the Asian trading hours on Monday. As of writing, the pair was trading at a daily low of 0.7450, losing 0.45% on the day.

In the absence of high-tier macroeconomic data releases and fundamental developments, the cautious market mood at the start of the week is helping the greenback find demand. Reflecting the broad-based USD strength, the US Dollar Index is rising 0.27% at 92.35.

Meanwhile, the Dow Futures and the S&P Futures are down 0.5% and 0.3%, respectively, suggesting that the risk-averse market environment is likely to remain intact in the American session and allow the USD to continue to outperform its rivals.

On Tuesday, the HIS New Home Sales and the National Bank of Australia Bank's Business Confidence and Business Conditions data for June will be featured in the Australian economic docket. Later in the day, June Consumer Price Index (CPI) data from the US will be looked upon for fresh impetus. 

AUD/USD outlook

UOB Group FX strategists think that AUD/USD could have a difficult time breaking below 0.7400 in the near term.

"While our strong resistance level at 0.7500 is still intact, downward momentum has waned considerably and the prospect for AUD to break 0.7400 has diminished," strategists noted. "In order to rejuvenate the flagging downward momentum, AUD has to move and stay below 0.7450 within these 1 to 2 days or a break of 0.7500 would not be surprising."

Additional levels to watch for

AUD/USD

Overview
Today last price 0.7453
Today Daily Change -0.0032
Today Daily Change % -0.43
Today daily open 0.7485
 
Trends
Daily SMA20 0.7544
Daily SMA50 0.7669
Daily SMA100 0.7694
Daily SMA200 0.758
 
Levels
Previous Daily High 0.7496
Previous Daily Low 0.7409
Previous Weekly High 0.7599
Previous Weekly Low 0.7409
Previous Monthly High 0.7794
Previous Monthly Low 0.7477
Daily Fibonacci 38.2% 0.7463
Daily Fibonacci 61.8% 0.7442
Daily Pivot Point S1 0.7431
Daily Pivot Point S2 0.7376
Daily Pivot Point S3 0.7344
Daily Pivot Point R1 0.7518
Daily Pivot Point R2 0.755
Daily Pivot Point R3 0.7605

 

 

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