Free Trial

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.

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.