AUD/USD looking to mark in a foothold above 0.72

The AUD/USD popped on Tuesday despite US-China tariffs continuing to ramp up.
After yesterday's as-expected RBA showing, the econ calendar for the Aussie remains tepid at best.

Joshua Gibson FXStreet

The AUD/USD managed to gain some ground on Tuesday, vaulting over the 0.7200 handle as rising equities helped bolster the Aussie.

The Reserve Bank of Australia (RBA) delivered little of note yesterday, and broader markets took a moment to pause as the US imposed further tariffs on China, to come into effect next Monday, and traders will be keeping an eye out for a response from China. The AUD, tired of getting sold off across the marketscape, took a step up over the 0.7200 technical level on the back of bumping equities that recovered from the risk-off tariff response earlier in the day.

Wednesday is a thin showing for the AUD/USD except for a speech from the RBA's Kent at 01:30 GMT, who is expected to tow the familiar line being delivered by the Australian central bank.

AUD/USD levels to watch

Aussie bulls will be hoping for a continuation of the early week's long bias, and momentum thus far remains on their side, according to FXStreet's own Valeria Bednarik: "the pair tested a couple of times the resistance at 0.7225, the 50% retracement of its latest daily slide, but so far remain unable to break above it. A bullish breakout will depend on market mood, rather than on data, as a continued advance in equities, and commodities will likely keep the Aussie supported. Technical readings in the 4 hours chart support additional gains, as the price settled above its 20 and 100 SMA, with the longer one still heading lower and above the shortest one, while technical indicators remain within positive levels, the Momentum advancing to fresh weekly highs and the RSI currently stable at around 60."

Support levels: 0.7190 0.7165 0.7130

Resistance levels: 0.7225 0.7260 0.7300

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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