AUD/USD is currently trading with higher volatility on the break or retest of 0.7500-0.7550 area. Due to recent negative reports from Australia, the currency is expected to lose some ground against other currencies. Today, RBA Deputy Governor Debelle made a speech on key interest rates and future policy shifts of the country. His speech tends to be dovish, as a result AUD has been on the back foot. On the other hand, the US is due to release Unemployment Claims report later today which is expected to show an increase to 238k from 232k previously. Besides, Goods Trade Balance report is expected to show a slight decrease in deficit to -64.7B from a -64.8B deficit earlier. If the US economic reports today reveal positive figures, then we might see a further downward move in this pair in the coming days.
Now let us look at the technical chart. The price is currently being rejected off the resistance of 0.7500 area. Amid higher volatility after a short-term bullish move towards 0.7500, we foresee a further downward move in this pair. Currently, we will be looking for a daily close below 0.7500 today. If that happens, we will expect the price to move down towards 0.7160 support level in the coming days. We will be in bearish bias until the price breaks above 0.7550 with a daily close.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
AUD/USD is currently trading with higher volatility on the break or retest of 0.7500-0.7550 area. Due to recent negative reports from Australia, the currency is expected to lose some ground against other currencies. Today, RBA Deputy Governor Debelle made a speech on key interest rates and future policy shifts of the country. His speech tends to be dovish, as a result AUD has been on the back foot. On the other hand, the US is due to release Unemployment Claims report later today which is expected to show an increase to 238k from 232k previously. Besides, Goods Trade Balance report is expected to show a slight decrease in deficit to -64.7B from a -64.8B deficit earlier. If the US economic reports today reveal positive figures, then we might see a further downward move in this pair in the coming days.
Now let us look at the technical chart. The price is currently being rejected off the resistance of 0.7500 area. Amid higher volatility after a short-term bullish move towards 0.7500, we foresee a further downward move in this pair. Currently, we will be looking for a daily close below 0.7500 today. If that happens, we will expect the price to move down towards 0.7160 support level in the coming days. We will be in bearish bias until the price breaks above 0.7550 with a daily close.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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