DXY stages a modest recovery after upbeat Chicago Fed’s National Activity Index reading. Copper futures turn negative on the day. Although it looked like it was able to find support near the 0.74 handle earlier in the day, the AUD/USD pair came under a renewed selling pressure in the last hour to drop to a fresh daily low at 0.7382. As of writing, the pair was trading a couple of pips above that level, losing 0.5% on the day. The monthly report released by the Federal Reserve Bank of Chicago on Monday showed that the National Activity Index, boosted by the upbeat production-related indicators, advanced to 0.43 in June from -0.45 in May. Supported by this data, the US Dollar Index rose slightly above mid-94s to turn positive on the day. Later in the session, existing home sales, which is expected to increase by 0.5% in June following May’s contraction, will be looked upon for fresh impetus. A positive reading is likely to give some short-term boost to the greenback and continue to weigh on the pair. On the other hand, the commodity-sensitive aussie seems to be having a difficult time finding demand on Monday amid falling copper prices. After advancing to a weekly high at 2.776, the copper futures retraced their daily gains and was last seen trading at 2.752, where it was down 0.15% on the day. Technical outlook Despite today’s fall, the RSI indicator on the daily chart continues to stay near the 50 mark, suggesting a short-term neutral price action. On the downside, the initial support aligns at 0.7345 (Julo. 17 low) ahead of 0.7315 (Jul. 20 low) and 0.7265 (Dec. 16, 2016, low). Resistances could be seen at 0.7400 (psychological level/20-DMA), 0.7460 (50-DMA), and 0.7500 (psychological level). 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 Canada and the US: Neck-and-neck in curve flattening – TDS FX Street 5 years DXY stages a modest recovery after upbeat Chicago Fed's National Activity Index reading. Copper futures turn negative on the day. Although it looked like it was able to find support near the 0.74 handle earlier in the day, the AUD/USD pair came under a renewed selling pressure in the last hour to drop to a fresh daily low at 0.7382. As of writing, the pair was trading a couple of pips above that level, losing 0.5% on the day. The monthly report released by the Federal Reserve Bank of Chicago on Monday showed that the National Activity Index, boosted by… 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.