Aussie consolidating last week’s 100-pip bull move RBA for July 3rd is expected to leave its cash rate at 1.5%. AUD/JPY is currently bouncing towards Monday’s highs as USD/JPY takes on the hourly 200-SMA. AUD/USD is holding a higher beta to the S&P which is currently performing robustly, allowing for a bounce in the Aussie, closely linked to the performance of commodities such as copper that is also recovering on Tuesday despite the dollar making back some ground. AUD/USD is currently trading at 0.7396, having recovered from a low of 0.7379 and had made a high of 0.7423. The greenback is trading at the higher end of the 94.1710-94.6490 range today, capping the progress in AUD/USD’s recovery from the aforementioned lows. Overnight, lower commodity prices were weighing on the Aussie where the pair slipped below the Aisna range of 0.7403-0.7423 to 0.7392 with copper at a three month low and a zinc down at a 10-month trough, (Shanghai rebar falls to four-week low). US stocks picking up the bid, carrying risk sentiment in FX higher However, US stocks have picked up a bid with the DJIA now up 0.40% and the S&P 500 up 0.46%, following suite of the tech-heavy NASDAQ outperforming at 0.72%. Investors seem to have shrugged off the uncertainty over trade policy, but this a factor that remains unresolved and risks rein titled to the downside in terms of risk, so eyes should be kept on AUD/JPY which currently bouncing towards Monday’s highs as USD/JPY takes on the hourly 200-SMA. Meanwhile, the RBA for July 3rd is expected to leave its cash rate at 1.5%. It recently reinforced its dovish credentials, so the hawkish position of the Fed should be supportive of lower levels in the absence of sustained risk on rallies in sentiment. AUD/USD levels AUD/USD Technical Analysis: Aussie consolidating last week’s 100-pip bull move To the downside, 0.7380 is the first support while a break there will expose the May 2017 low (0.7328). On the upside, the 10-D SMA is at 0.7431 while the 10-W SMA is located at 0.7516 through 0.7500 recent double bottom lows. A break of 0.7600 opens 0.7640 and then 0.7680 before the top of the channel where the 100-D SMA resides at 0.7709. 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 GBP/USD Technical Analysis: Cable going for a retest of daily low near 1.3200 level FX Street 5 years Aussie consolidating last week's 100-pip bull move RBA for July 3rd is expected to leave its cash rate at 1.5%. AUD/JPY is currently bouncing towards Monday's highs as USD/JPY takes on the hourly 200-SMA. AUD/USD is holding a higher beta to the S&P which is currently performing robustly, allowing for a bounce in the Aussie, closely linked to the performance of commodities such as copper that is also recovering on Tuesday despite the dollar making back some ground. AUD/USD is currently trading at 0.7396, having recovered from a low of 0.7379 and had made a high of 0.7423. … 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.