FXStreet (Guatemala) – AUD/USD has has been a good performer, up to test the 200 SMA on the hourly chart capped there at 0.7040 on the handover to early Asia.
AUD/USD relished in the Australian business conditions survey that sparked a round of short-covering first up, then the risk-on environment that emerged in late Asia yesterday following through to European and US markets, commodities rising and the signs of improvement in China’s property market that is another arrow for copper’s upside along with the Glencore news. For the meantime, we also await the FOMC and keep an ear out for such commentary from the IMF chief economist, for example, who has been reported stating that the Fed should hold off until the Global recovery improves, the dollar could
RBA’s Lowe coming up
Now we await Home loans and RBA’s deputy, Lowe, are coming up tonight ahead of the jobs report for the Australian economy later in the week. Lowe, however, speaks first at the Committee for Economic Development of Australia event and this should draw some keen attention as he will give an insight to the Australian economy and outlook.
AUD/USD bullish, but still below key resistance
AUD/USD has been working hard above the tough 0.7000 resistance zone that it broke to make recent score close to the 200 SMA on the hourly at 0.7042. A break there opens up 0.7062 as a target ahead of 0.7100 short-term en-route to 0.7448, the July 21 high and only a break there may negate downside immediate pressure in the broader bearish trend.
On supply, 0.6500 may have psychological importance, looking back on the longer-term charts, there are very little technicals until 0.6000. 0.6850 guards 0.6774 June 2004 low then 0.6280 2009 March lows and also 0.6122/.6010, the 2008 lows.
(Market News Provided by FXstreet)