- Aussie buoyed by upbeat NAB Business confidence and Business conditions data.
- Data released earlier today showed that Australia NAB Business Conditions increased to 12 in June from previous 10, while Business Confidence rose from previous 3 to 6.
- US dollar is holding onto the overnight gains it enjoyed after the S&P 500 hit record highs, could cap gains.
- Technicals support upside in the pair, Stochs and RSI biased higher, MACD is above zero.
- Support on the downside is seen at 0.7536 (5-DMA), 0.7508 (10-DMA) and then 0.7490 (50% Fib).
- Resistance is seen at 0.7647 (June 24 high) and then at 0.7687 (78.6% Fib).
- We had given a long call (http://www.econotimes.com/FxWirePro-AUD-USD-capped-at-618-Fib-good-to-long-breakout-above-233842).
Recommend holding for targets.
