The AUDUSD currency pair, which was previously at 0.6800, has moved back to 0.67700 due to a robust rebound in the USD Index.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• AUD/USD has retreated from 0.6800 amid a strong recovery in the USD Index.

The pair currently trades last at 0.67700.

The previous day high was 0.6804 while the previous day low was 0.6741. The daily 38.2% Fib levels comes at 0.678, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6765, expected to provide support.

The AUD/USD pair has sensed tough barricades after a short-lived pullback to near the round-level resistance of 0.6800 in the New York session. The Aussie asset has retreated as the US Dollar Index (DXY) has shown a solid recovery after attracting significant bids near 102.00.

S&P500 is expected to open on a bearish note amid a cautious market mood. The risk-aversion theme is in action as investors are baffled about further policy action by the Federal Reserve (Fed). Economists at Rabobank expect the Fed to hike in July, a more moderate pace would imply skipping September and that would leave us with November as the meeting for the second hike. However, even the Fed’s own staff expects the economy to be in a mild recession by then. Therefore, we continue to leave a second hike out of our forecasts.

The USD Index has rebounded to near 102.30 after the release of mildly higher United States weekly Initial Jobless Claims data. The US Department of Labor has reported that jobless claims for the week ending June 16 were higher at 264K than expectations of 260K. Jobless claims have landed higher-than-anticipated fourth time in a row. Labor market conditions are consistently losing their heat and it could force the Fed to go light on interest rates in July.

On the Australian Dollar front, recovery in inflationary pressures and upbeat Employment could force the Reserve Bank of Australia (RBA) to hike interest rates further. Economists at TD Securities expect one final 25 bps hike in Sep, taking the cash rate to 4.85%. Whether the RBA takes the cash rate above 5% will be dependent on how quickly the stock of excess savings is run down.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6759 at the time of writing. Pair opened at 0.6797 and is trading with a change of -0.56 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.6683, 50 SMA 0.6681, 100 SMA @ 0.672 and 200 SMA @ 0.6692.

The previous day high was 0.6804 while the previous day low was 0.6741. The daily 38.2% Fib levels comes at 0.678, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6765, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6757, 0.6717, 0.6693
• Pivot resistance is noted at 0.682, 0.6844, 0.6884

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group