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FxWirePro: AUD/USD struggles at 50-DMA resistance, 'Doji' at highs raises scope for weakness

AUD/USD chart - Trading View 

AUD/USD trades range bound as we head into the European session, bias neutral.

Less dovish rhetoric from Fed speakers overnight helps US dollar recovery, weighing on the pair.

Fed’s Bullard on Tuesday said that the current US economic conditions do not warrant a 50 basis point rate cut in July. 

Further, Chairman Powell’s said the central bank is assessing whether a cut in borrowing costs is required.

The pair finds stiff resistance at 50-DMA at 0.6965. Upside fails to break above from the past 3 sessions.

Major trend remains bearish and U.S.-China trade spat keeps pressure. 'Doji' at highs raises scope for downside resumption.

21-EMA is immediate support at 0.6934. Break below with turn in 5-DMA will see dip till 0.6831 (June 18 low). Further weakness eyes 0.6785 (trendline).

Break above 50-DMA finds next major resistance at daily cloud. Bearish invalidation only above 200-DMA.

Recommendation: Watch out for break below 21-EMA to go short, target 0.6830/ 0.6785.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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2019-07-02 15:32:08
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2019-07-02 15:32:02
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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 766029766029m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 766029766029m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 777849777849m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 766029766029m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 777849777849m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 766029766029m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 766029766029m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 766029766029m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

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