Bulls fighting back control amid resurgent US dollar supply, Yuan demand. Will the bounce sustain in a data-empty session ahead? AUD/USD staged a V-shaped recovery from two-week lows of 0.7318 and now consolidates near the 0.7370 region, as the bulls await a fresh impetus for the next push higher. The Aussie is closely tracking the USD/CNY price-action, having initially dropped in tandem with the Yuan, as the Chinese currency hit fresh yearly lows at 6.8117 versus the US dollar amid mounting US-China trade war fears. However, the spot quickly reversed to 0.7384 highs after the Yuan recovered losses and added to the selling pressure on the US dollar, as the greenback resumed its declines fuelled by Trump’s negative remarks on the US interest rates hike outlook. Meanwhile, the rebound in copper prices also aided the renewed upswing in the resource-linked AUD. Looking ahead, the major will remain at the mercy of the market sentiment and US dollar moves, as the US macro calendar remains data-empty. AUD/USD Technical Levels FXStreet’s Analyst Omkar Godbole offers key technical levels for trading the Aussie in the day ahead. “Resistance: 0.7401 (10-day MA), 0.7441 (July 19 high). Support: 0.7310 (July 2 low), 0.7160 (Dec 2016 low), 0.7145 (May 2016 low).” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next CNY: Persistent weakness? – Deutsche Bank FX Street 5 years Bulls fighting back control amid resurgent US dollar supply, Yuan demand. Will the bounce sustain in a data-empty session ahead? AUD/USD staged a V-shaped recovery from two-week lows of 0.7318 and now consolidates near the 0.7370 region, as the bulls await a fresh impetus for the next push higher. The Aussie is closely tracking the USD/CNY price-action, having initially dropped in tandem with the Yuan, as the Chinese currency hit fresh yearly lows at 6.8117 versus the US dollar amid mounting US-China trade war fears. However, the spot quickly reversed to 0.7384 highs after the Yuan recovered losses and added… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
