FXStreet (Guatemala) – AUD/USD is currently trading at 0.7630 with a high of 0.7659 and a low of 0.7588.
AUD/USD has been handed over to early Asia in consolidation of the minor recovery from the US and London afternoon while the greenback was sold off ahead of the long weekend and Greek referendum this weekend. However, the Aussie was worst performer and remains subdued on an otherwise active ticker.
AUD/USD price action
The traders have left the building and subsequently AUD/USD is sidelined in early Asia. The price action overnight started in Europe on the downside from 0.7614 down to 0.7590 until London’s high of 0.7641 and lows of 0.7588 to 0.7635 current resistance.
AUD/USD traders await last data events ahead of Greek referendum
AUD/USD support was founded on demand when bulls came to the table to take advantage of the miss in expectations over the Nonfarm Payrolls results. Traders now await the Greek referendum on the weekend in Europe and Asia’s open, and the day ahead is likely to be illiquid with the long weekend in the US which may mean choppiness of very quite conditions.
However, we have some data to go yet for the Aussie traders, starting with Retail Sales s.a. (MoM) (May) expected 0.5% vs previous 0.0% and then there will be further PMI’s from China today first of all which could have an impact on the Aussie. We have the HSBC/Markit Services PMI for June where the previous reading was 53.5. Meanwhile and looking ahead, analysts at Westpac Global Strategy Group explained the possibility of mixed commentary from the RBA on the economy and Aussie dollar next week.
AUD/USD technically bearish
AUD/USD has traded just shy of the daily lows of 0.7586 overnight and with the continued bearish bias playing out. On attempts higher recently, AUD/USD tested and has faltered at its near term resistance line at 0.7725, which ideally will continue to cap, as explained by Karen Jones, chief analyst at Commerzbank who remains bearish on AUD/USD below the June high at 0.7848 and said only above here would cause us to re-evaluate their bearish view.
(Market News Provided by FXstreet)