FXStreet (Guatemala) – AUD/USD is currently trading at 0.7505 with a high of 0.7534 and a low of 0.7664.
AUD/USD has been challenging the upside with 0.7520 coming in as resistance with the opening gap for the week filled by the bulls.
AUD/USD price action
AUD/USD opened the start of the week in Asia form the US closing price of 0.7512. The price dropped in the bearish gap to 0.7471 and moved to 0.7461 before making a recovery to 0.7517. Asia then continued selling the major commodity currency down to 0.7567 where European bulls trade picked up the pieces to 0.7520…then a chop to 0.7481 in London’s afternoon until double top 0.7530 and down to current spot rate, challenging the 0.75 handle again.
AUD/USD fundamentals and Greek referendum
AUD/USD dropped below 0.75 for the first time in six years following the Greeks referendum over the weekend. Investors are seeking out safe havens and this doesn’t bode well for the Aussie as a riskier and volatile currency in times of uncertainty. There is a little bit of stability in the market now as the post Greek referendum trade has taken place and markets are taking some peace of mind that EU leaders and IMF’s Largarde, are seeking to try and keep Greece in the Eurozone and avoid a Grexit.
Today, Yanis Varoufakis stepped aside to allow for a new finance minister, Euclid Tsaklotos, to take his position at the negotiating table. Meanwhile, Merkel and Tsipras have reached an agreement where Greece can present their new proposals to her tomorrow and a summit will take place between the creditors tomorrow as well.
AUD/USD technically bearish below 0.7700
AUD/USD has been trading below 0.75 for the first time in six years following the Greeks referendum over the weekend and Karen Jones, chief analyst at Commerzbank explained that for the near term the market remains offered below the 0.7700 short term resistance line.
(Market News Provided by FXstreet)