“¢ Friday’s goodish rebound from closer to YTD lows quickly fizzles out. “¢ Subdued commodity prices fail to provide any fresh bullish impetus. “¢ Traders even shrugged off the ongoing USD retracement slide. The AUD/USD pair surrendered early modest gains and is currently placed at the lower end of its daily trading range, around the 0.7415-10 region. The pair struggled to build on Friday’s strong rebound from closer to YTD lows and once again met with some fresh supply near the 0.7440 horizontal zone, which has been acting as a stiff resistance over the past one-week or so. The US Dollar continues to be weighed down by the US President Donald Trump’s comments on Friday, criticizing the recent greenback strength, albeit renewed trade war fears kept a lid on any strong follow-through up-move for the China-proxy Australian Dollar. Meanwhile, a mildly weaker tone around commodity space also did little to provide any meaningful boost to commodity-linked currencies – like the Aussie and further collaborated to the pair’s modest retracement of around 30-pips from Asian session tops. Technical Analysis Looking at the broader picture, the pair has been oscillating within a broader trading range over the past six weeks or so and any meaningful recovery attempts have been sold into, clearly indicating additional near-term bearish potential. Moreover, the pair’s inability to register any meaningful recovery and a consolidative price action below the key 0.7500 psychological mark further reinforce the expectations that the near-term downfall might still be far from over. However, it would be prudent to wait for a decisive break through the mentioned range before positioning for the pair’s next leg of directional move. Spot rate: 0.7412 Daily High: 0.7438 Trend: Sideways Resistance R1: 0.7438 (current day swing high) R2: 0.7478 (50-day SMA) R3: 0.7500 (psychological round figure mark) Support S1: 0.7387 (100-period SMA H1) S2: 0.7344 (S1 daily pivot-point) S3: 0.7315-10 (recent swing lows) 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 EUR/USD meets fresh supply, back to test 1.1700 FX Street 5 years "¢ Friday's goodish rebound from closer to YTD lows quickly fizzles out. "¢ Subdued commodity prices fail to provide any fresh bullish impetus. "¢ Traders even shrugged off the ongoing USD retracement slide. The AUD/USD pair surrendered early modest gains and is currently placed at the lower end of its daily trading range, around the 0.7415-10 region. The pair struggled to build on Friday's strong rebound from closer to YTD lows and once again met with some fresh supply near the 0.7440 horizontal zone, which has been acting as a stiff resistance… 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.
