- Benefits from renewed US dollar selling across the board, firmer copper prices.
- Looks to US CB consumer confidence and Australian Q2 capex data for fresh impetus.
The AUD/USD reversed the Asian slide and now looks to regain the bids back near the midpoint of the 0.73 handle in Europe, as the US dollar recovery appeared to be a dead cat bounce.
The USD bears regained control and pushed the greenback back to three-week lows near 94.65 levels, in the wake of cautious trading seen on the European equities, despite the reports that the US President Trump and German leader Merkel agreed on talks concerning the EU-US trade barriers.
Moreover, the Aussie was lifted by a broad-based rebound in the commodities’ space, especially with the solid comeback staged by copper futures on Comex. Copper prices jumped to $ 2.755 levels, up +0.84% on the day.
In the day, the pair will continue to get influenced by the broader market sentiment and USD dynamics until release of the US CB consumer confidence, the only significant data due out from the US docket today.
AUD/USD Technical Levels
Denis Joeli Fatiaki at Leo Prime, notes: “The Australian dollar needs to break and hold above 0.73500 in the 60 minutes price chart to continue to its next challenge at 0.73680 and 0.73856. The pair also needs to maintain above it 500 EMA and 0.73237 to stay in the current trend. If it fails to hold at 0.73237, then there is a possibility that it could fall to 0.72980 and 0.72780.”
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