TenkoFX - Analytics

    TenkoFX

    425.75 7.25/10
    68% of positive reviews
    Real

    AUD/USD: Bearish opening gap filled, regains 0.7500 Dhwani Mehta

    Having bottomed out near 0.7450 region on a bearish opening gap, AUD/USD’s recovery appears to gain further traction over the last hour, moving higher in sync with commodities’ prices, especially the precious metals.AUD/USD testing 0.7500Currently, the AUD/USD pair trades 0.12% higher just ahead of 0.75 handle, trying hard to extend beyond the last. The Aussie opened a fresh week on Monday with a downside gap from Friday’s NY close after the Australian elections over the weekend point towards a potential hung parliament, with the vote count to resume tomorrow.However, the major quickly reversed course and kept moving higher as dust settled over the elections aftermath and markets found support from a strong upward rally in the commodities prices, particularly gold and silver, lifting the bids for the resource-linked AUD. Gold is seen testing fresh 2016 highs near $ 1355 mark, while silver broke the key psychological barrier at $ 20.Data-wise, markets ignored mixed Aus dataflow, with inflation positively surprising, while building consents data came in worse-than expected. Markets now focus on the RBA’s cash rate decision due tomorrow as dust settles over the Brexit aftermath, while Aus elections outcome remains the key focus this week.AUD/USD Levels to watch    The pair finds the immediate resistance at 0.7528 (Jun 22 high) above which gains could be extended to the next hurdle located at 0.7550 (round number). On the flip side, the immediate support located at 0.7458/48 (10-DMA/ daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7349 (50-DMA).


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree