FXOpen
The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Monday, decreasing the price of AUDUSD to less than 0.7650 following some key economic releases. The technical bias shall remain bullish because of a higher high in the recent upside move.
Technical Analysis
As of this writing, the pair is being traded around 0.7612. A support can be noted around 0.7470, an immediate trendline support ahead of 0.7400, the psychological number and then 0.7389, another trendline support as demonstrated in the given below chart.
On the upside, a hurdle can be noted near 0.7630, an immediate trendline resistance level ahead of 0.7700, the psychological level and then 0.7749, the high of the last major upside rally as demonstrated in the given above chart.The technical bias shall remain bullish as long as the 0.7749 resistance area is intact.
US Consumer Sentiment
Consumers were much less optimistic than economists had expected in June, according to a preliminary reading. The University of Michigan’s Consumer Sentiment Index dropped to 94.5 in June, well below economists’ expectations for a reading of 97.1 during the month, according to Thomson Reuters consensus estimates.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.
* FXOpen International, Innovative Broker of 2022, according to the IAFT
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.