“¢ Investors looked past today’s softer Australian consumer inflation figures. “¢ Sliding US bond yields exert some fresh downward pressure on the USD. The AUD/USD pair has managed to recover around 25-pips from session lows and is currently holding in neutral territory, above the 0.7400 handle. The pair stalled softer Aussie consumer inflation data-led corrective slide from two-week tops and managed to catch some fresh bids at lower levels. A weaker tone surrounding the US Treasury bond yields kept the US Dollar bulls on the defensive and was seen as one of the key factors behind the pair’s modest rebound from session lows. The uptick, however, lacked any strong conviction amid the prevalent cautious mood ahead of a crucial meeting between the US President Donald Trump and European Commission President Jean-Claude Juncker. Adding to this, subdued copper prices also did little to provide any additional boost to the commodity-linked Australian Dollar and further collaborated towards keeping a lid on the pair’s up-move. With the USD price dynamics turning out to be an exclusive driver of the pair’s momentum, this week’s important US macro releases – durable goods orders and advance Q2 GDP growth figures, will play an important role in determining the pair’s next leg of directional move. Technical Analysis Looking at the technical picture, the pair remains within a broader trading range, held over the past six weeks or so, and has been facing difficulty in decisively breaking through the 0.7450 supply zone. Mixed short-term technical indicators have also failed to support any firm directional bias and hence, it would be prudent to wait for a convincing move beyond the mentioned barrier before positioning for any further up-move. Spot rate: 0.7414 Daily Low: 0.7392 Daily High: 0.7450 Trend: Sideways Resistance R1: 0.7450 (2-week tops set earlier today) R2: 0.7474 (50-day SMA) R3: 0.7500 (psychological round figure mark) Support S1: 0.7391 (100-period SMA H1) S2: 0.7360 (overnight swing low) S3: 0.7329 (S2 daily pivot-point) 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 AUD/USD Review: USD weakness helps recover softer Aussie CPI-led downfall FX Street 5 years "¢ Investors looked past today's softer Australian consumer inflation figures. "¢ Sliding US bond yields exert some fresh downward pressure on the USD. The AUD/USD pair has managed to recover around 25-pips from session lows and is currently holding in neutral territory, above the 0.7400 handle. The pair stalled softer Aussie consumer inflation data-led corrective slide from two-week tops and managed to catch some fresh bids at lower levels. A weaker tone surrounding the US Treasury bond yields kept the US Dollar bulls on the defensive and was seen as one of the key factors behind… 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.
