On Monday, the AUDUSD experienced trades with losses that were below 0.6850.
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- The AUD/USD trades with losses below 0.6850 on Monday.
The pair currently trades last at 0.68466.
The previous day high was 0.69 while the previous day low was 0.6855. The daily 38.2% Fib levels comes at 0.6872, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6883, expected to provide resistance.
The AUD/USD tallies a second consecutive day of losses below the 0.6850 area, and investors seem to have turned cautious ahead of the release of the Reserve Bank of Australia (RBA) minutes. In addition, all eyes will be on the People’s Bank of China (PBoC) monetary policy announcement in a quiet session as US traders celebrate Juneteenth. For the rest of the week, key data released by the US is set to start shaping the next Fed policy decision expectations
The Aussie price dynamics may have an impact following the release of RBA’s minutes on the early Tuesday Asian session, where investors will look for clues regarding the latest surprising decision by Governor Philip Lowe to hike rates by 25 basis points to 4.10%. That being said, Lowe and Bullock’s hawkish comments last week may limit a potential surprise in the minutes.
Across the Pacific, the focus will be on the release of housing data, S&P PMI and jobless claims data this week. In that sense, Jerome Powell, Chair of the Federal Reserve, announced last Wednesday a halt in interest rate hikes to allow officials more time to gather crucial information and evaluate its impact on monetary policy. Macroeconomic data points are, therefore, expected to play a significant role in shaping expectations for the upcoming July meeting. Additionally, Chair Powell’s testimony before Congress on Wednesday has the potential to trigger notable reactions in USD price dynamics.
Technically speaking, the AUD/USD maintains a bullish outlook for the short term, as per indicators on the daily chart. Despite the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both displaying bullish exhaustion, they still remain in positive territory, suggesting that there may be more upside favouring the Aussie in the near term. In addition, the 20-day Simple Moving Average (SMA), is set to display a bullish cross with the longer-term 100-day SMA, which could potentially give an additional boost to the pair.
If AUD/USD manages to move higher, the next resistances to watch are at the 0.6850 area, followed by the psychological mark at 0.6900 and the 0.6920 area. On the other hand, the 0.6800 zone is the immediate support level for the pair. A break below this level could expose the 0.6750 area and then pave the way to the 100-day Simple Moving Average (SMA) at 0.6720.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6844 at the time of writing. Pair opened at 0.6876 and is trading with a change of -0.47 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6844 |
| 1 | Today Daily Change | -0.0032 |
| 2 | Today Daily Change % | -0.4700 |
| 3 | Today daily open | 0.6876 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6652, 50 SMA 0.6672, 100 SMA @ 0.6728 and 200 SMA @ 0.6692.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6652 |
| 1 | Daily SMA50 | 0.6672 |
| 2 | Daily SMA100 | 0.6728 |
| 3 | Daily SMA200 | 0.6692 |
The previous day high was 0.69 while the previous day low was 0.6855. The daily 38.2% Fib levels comes at 0.6872, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6883, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6854, 0.6832, 0.6809
- Pivot resistance is noted at 0.6898, 0.6921, 0.6943
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6900 |
| Previous Daily Low | 0.6855 |
| Previous Weekly High | 0.6900 |
| Previous Weekly Low | 0.6732 |
| Previous Monthly High | 0.6818 |
| Previous Monthly Low | 0.6458 |
| Daily Fibonacci 38.2% | 0.6872 |
| Daily Fibonacci 61.8% | 0.6883 |
| Daily Pivot Point S1 | 0.6854 |
| Daily Pivot Point S2 | 0.6832 |
| Daily Pivot Point S3 | 0.6809 |
| Daily Pivot Point R1 | 0.6898 |
| Daily Pivot Point R2 | 0.6921 |
| Daily Pivot Point R3 | 0.6943 |
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