FXStreet (Córdoba) – AUD/USD is consolidating modest daily gains as it trades in range between 0.7750 and 0.7720 since the Asian session. Greenback remains steady in the market unaffected by US economic data.
Since Tuesday the pair is moving without a clear trend. After falling from 0.7850 (June 18 high), it found support at 0.7670. Today the pair has been able so far to trade all day above 0.7700. The upside remains limited by the 0.7750.
A bearish Outlook?
On a wider perspective, according to the latest report from TD Securities the recent moves to the upside, to the 0.76 – 0.78 range has been underpinned by a not-dovish-enough Reserve Bank of Australia, some strong economic reports, like May’s employment and the stability in iron ore prices. “As the RBA is far more comfortable with an AUD/USD closer to 0.75-0.76, we expect some dovish tones to be ‘leaked’ to the wider public soon. We remain with our 0.75 year-end target.”
(Market News Provided by FXstreet)