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3 Aug 2015
AUD/USD steady in Asia ahead of BIG week on key supports
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7320 with a high of 0.7324 and a low of 0.7290.
TD Securities inflation data came out higher than prior for the both YoY and MoM for July. There was little reaction in a slow start to the week while the major commodity currency balances on the 0.73 handle and consolidates the rally from last week's close when the greenback was in supply on Gold's recovery and post the wages shocker. We now await the unemployment data this week for Australia and a series of Us releases before the non farm Payrolls showdown at the end of the week.
Technically robust on the downside ahead of key supports
Technically, AUD/USD is attempting to recover from the base of the two-year channel at 0.7188 and major support in the form of a long term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144 that also come as highly supportive territories in an otherwise heavily bearish trend setup. RSI 14 on the hourly is at the mid point and leaves room on the downside which 0.7250 as first hurdle before aforementioned levels.
TD Securities inflation data came out higher than prior for the both YoY and MoM for July. There was little reaction in a slow start to the week while the major commodity currency balances on the 0.73 handle and consolidates the rally from last week's close when the greenback was in supply on Gold's recovery and post the wages shocker. We now await the unemployment data this week for Australia and a series of Us releases before the non farm Payrolls showdown at the end of the week.
Technically robust on the downside ahead of key supports
Technically, AUD/USD is attempting to recover from the base of the two-year channel at 0.7188 and major support in the form of a long term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144 that also come as highly supportive territories in an otherwise heavily bearish trend setup. RSI 14 on the hourly is at the mid point and leaves room on the downside which 0.7250 as first hurdle before aforementioned levels.