Current trend

Customer worries about the future of the world financial markets disappeared after Greece reached an agreement with its creditors and Chinese stock markets recovered on Monday. At the same time, an importance of interest rates hike in the US came back.

Despite falling commodities prices, yesterday the AUD managed to stay above previous lows against the USD. Today, the pair recovered some of the yesterday’s losses as it was supported by Business Confidence index released by the National Bank of Australia that grew to 10 form previous 7.

The investors’ attention remains centered on coming releases from the US and, particularly, the interest rates hike. In addition, Greek situation remains uncertain, as Tsipras government needs to pass the agreement through the parliament yet.

Support and resistance

Resistance levels: 0.7438 (middle MA of Bollinger Bands), 0.7480 (upper MA of Bollinger Bands, 23.6% Fibonacci), 0.7550 (38.2% Fibonacci), 0.7610 (50% Fibonacci).

Support levels: 0.7400 (psychologically important level), 0.7371 (8 July low), 0.7300 (psychologically important level), 0.7230 (30 April 2009 low).

Trading tips

Open long positions after the breakout of the level of 0.7440 with targets at 0.7480, 0.7550 and stop-loss at 0.7410. Short positions can be opened at 0.7400 with targets at 0.7370, 0.7300 and stop-loss at 0.7420.

AUD/USD: review and forecast



Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback