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Rises For Second Day

AUD

AUD/USD continued its recovery on Tuesday as risk assets rose again helped by a weaker USD, the pair rose as high as 0.7271 before pulling back slightly, last down 3 pips at 0.7255.

  • From a technical perspective AUD/USD traded higher again Tuesday, having started the week on a firm note. Gains however are considered corrective. The breach of 0.7290 last week confirmed an extension of the bearish price sequence of lower lows and lower highs, reinforcing the current downward cycle. Price has also cleared 0.7200 and this opens 0.7053 further out, a Fibonacci retracement. Initial firm resistance is at 0.7290, low Jul 21.
  • Q2 completed construction work data and a speech from RBA Deputy Governor Connolly headline the local docket today.
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