Free Trial

AUD/USD has operated within in a 15 pip......>

AUSSIE
AUSSIE: AUD/USD has operated within in a 15 pip range thus far, last trading 10
pips better off at $0.7440.
- Bears failed to capitalise on a fresh YtD last week, with the pair printing
best levels for the week on Friday, despite the imposition of the U.S. tariffs
on China, with China retaliating instantly.
- Bulls now need a close above $0.7481 (High June 15) to hint at a move back to
$0.7615-0.7735. Daily studies are well placed for a fresh leg higher before
overbought becomes an issue. More apparent initial resistance comes in the form
of $0.7444 (High July 06), followed by $0.7449 (1.618% swing $0.7409-0.7346)
then $0.7451/61 (38.2% retracement of the move from $0.7677 to 0.7311, Jun18
high). Bears now need a close below $0.7413 today to ease pressure on the
$0.7481 resistance.
- AU focus will fall on tomorrow's NAB business survey.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.