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29 Jul 2015
AUD/USD: Bulls capped below 0.7350
FXStreet (Mumbai) - The bid tone surrounding the AUD/USD pair remains intact in the Asian morning, now pushing the Aussie towards 0.7350 – key levels as broad based US dollar softness paired with stabilizing commodities prices continue to boost the AUD bulls.
AUD/USD extends beyond 0.7300
Currently, the AUD/USD pair trades 0.11% higher at 0.7345, hovering close to fresh session highs reached at 0.7349. The Aussie extended its recovery path from fresh six-year lows and moves higher largely lifted by a weaker US dollar against its major peers following the recent strength, despite an unexpected dive in US consumer confidence.
AUD/USD also remains buoyant mirroring gains seen in Kiwi following RBNZ Governor Wheeler’s optimistic comments on the NZ economy, warranting no big rate cuts for now. While stabilizing oil and gold prices ahead of FOMC decision also lent a helping hand to the resource-linked Aussie.
On Wednesday, the biggest highlight of the week will be the Federal Reserve announcement about interest rates, which will likely remain unchanged. Traders, however, will search for any indications of the anticipated rate hike later in 2015.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7363 (July 24 High) levels, above which gains could be extended to 0.7400 (Psychological levels). On the flip side, support is seen at 0.7300 levels from here it to 0.7254 (July 28 Low) levels.
AUD/USD extends beyond 0.7300
Currently, the AUD/USD pair trades 0.11% higher at 0.7345, hovering close to fresh session highs reached at 0.7349. The Aussie extended its recovery path from fresh six-year lows and moves higher largely lifted by a weaker US dollar against its major peers following the recent strength, despite an unexpected dive in US consumer confidence.
AUD/USD also remains buoyant mirroring gains seen in Kiwi following RBNZ Governor Wheeler’s optimistic comments on the NZ economy, warranting no big rate cuts for now. While stabilizing oil and gold prices ahead of FOMC decision also lent a helping hand to the resource-linked Aussie.
On Wednesday, the biggest highlight of the week will be the Federal Reserve announcement about interest rates, which will likely remain unchanged. Traders, however, will search for any indications of the anticipated rate hike later in 2015.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7363 (July 24 High) levels, above which gains could be extended to 0.7400 (Psychological levels). On the flip side, support is seen at 0.7300 levels from here it to 0.7254 (July 28 Low) levels.