15 Jul 2015
AUD/USD strong rally brings 0.75 in to focus
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7420 at time of writing with a high of 0.7422 and a low of 0.7386.
AUD/USD extended on yesterday's gains when the Aussie took flight on better than expected business conditions in the Australia economy, rallying on to the 0.74 handle.
AUD/USD price action
AUD/USD was trading better bid throughout the European markets and then strong demand came in on the back of US data, taking the pair from a sideways consolidation contained by 0.7430/40 and through that resistance up to 0.7477. Supply was married up and we went back to be supported at the mid point of the handle o 0.7440/50.
AUD/USD fundamentals
A turnaround in the NAB's positive June business survey boosted AUD/USD, with a score on to the 0.74 handle yesterday in Asia. "Firms appear to have shrugged off risks in the global economy as the business environment continued to improve into June," - from NAB’s Monthly Business Survey. Meanwhile today, US retails sales offered a confusing picture, offering a round trip in the currencies with total sales falling 0.3% MoM versus expectations of a 0.3% gain while May’s growth rate was revised down to +1% from +1.2%. Markets will now turn their attentions to China GDP tonight and Yellen testifying later on in the week.
Technically, rallies have limited scope below 0.75 but through there, the next major hurdle will be initial resistance at 0.7559, being the 23.6% retracement. There after, 0.7647 come as the short term resistance line which leaves the pair in bearish territory while changing hands below.
AUD/USD extended on yesterday's gains when the Aussie took flight on better than expected business conditions in the Australia economy, rallying on to the 0.74 handle.
AUD/USD price action
AUD/USD was trading better bid throughout the European markets and then strong demand came in on the back of US data, taking the pair from a sideways consolidation contained by 0.7430/40 and through that resistance up to 0.7477. Supply was married up and we went back to be supported at the mid point of the handle o 0.7440/50.
AUD/USD fundamentals
A turnaround in the NAB's positive June business survey boosted AUD/USD, with a score on to the 0.74 handle yesterday in Asia. "Firms appear to have shrugged off risks in the global economy as the business environment continued to improve into June," - from NAB’s Monthly Business Survey. Meanwhile today, US retails sales offered a confusing picture, offering a round trip in the currencies with total sales falling 0.3% MoM versus expectations of a 0.3% gain while May’s growth rate was revised down to +1% from +1.2%. Markets will now turn their attentions to China GDP tonight and Yellen testifying later on in the week.
Technically, rallies have limited scope below 0.75 but through there, the next major hurdle will be initial resistance at 0.7559, being the 23.6% retracement. There after, 0.7647 come as the short term resistance line which leaves the pair in bearish territory while changing hands below.