AUD/USD extends Friday’s run-up, the biggest since early June while refreshing a fortnight high around 0.7320, up 0.08% intraday.
+ Australia Company Gross Operating Profits jump 7.1% in Q2.
+ A weaker US dollar, as courtesy of the dovish Fed Chair Powell last Friday.
AUD/USD buyers are on the way to the monthly top surrounding 0.7430 but 0.7360 - 0.7390 may offer immediate resistance to the pair. Meanwhile, technical indicators have bounced from near oversold readings, heading north but still within negative levels. The pair could recover further in the next few sessions, but the wider perspective suggests that the current advance is corrective and that sellers may soon return.
=> Bulls could have better chances if the pair breaks above 0.7390, a strong static resistance level, followed by 0.7430, this month’s high. The first support level is located at 0.7230, followed by the year bottom at 0.7148.
=> This week, we will become seller. Price entry 0.73 and waiting for selllimit 0.7364. Take profit 0.7230 or 0.7185. Stoploss if 0.7360 - 0.7390 resistance zone is broken.
+ Australia Company Gross Operating Profits jump 7.1% in Q2.
+ A weaker US dollar, as courtesy of the dovish Fed Chair Powell last Friday.
AUD/USD buyers are on the way to the monthly top surrounding 0.7430 but 0.7360 - 0.7390 may offer immediate resistance to the pair. Meanwhile, technical indicators have bounced from near oversold readings, heading north but still within negative levels. The pair could recover further in the next few sessions, but the wider perspective suggests that the current advance is corrective and that sellers may soon return.
=> Bulls could have better chances if the pair breaks above 0.7390, a strong static resistance level, followed by 0.7430, this month’s high. The first support level is located at 0.7230, followed by the year bottom at 0.7148.
=> This week, we will become seller. Price entry 0.73 and waiting for selllimit 0.7364. Take profit 0.7230 or 0.7185. Stoploss if 0.7360 - 0.7390 resistance zone is broken.