Lifted by Australia’s proposed tax cuts and risk-on rally in the Asian equities. Bulls need a break above the 5-DMA resistance at 0.7398 for a sustained recovery. Eyes on Aussie tax cuts approval and US macro news for further momentum. The AUD/USD pair staged a sharp V-shaped reversal last hour, bouncing-off two-day lows of 0.7356 in a bid to take-out the 0.7398/40 resistances amid risk-on market profile and expectations of the Australian tax cuts. AUD/USD: A Doji on daily sticks The Aussie paused its five-day losing streak and rebounded this Thursday, now forming a Doji candle on the daily sticks, which suggests indecision heading into the Australian parliament’s approval of the proposed tax cuts in the Budget this year. However, the sentiment around the spot remains supported by the risk-on rally in the Asian equities, especially with the Australian ASX 200 index rallying +1.20%. More so, the USD bulls continue to run into resistance near 95.20 levels, adding to the positive tone around the Aussie. All eyes remain on the Aussie tax cuts approval for fresh direction on the pair ahead of the US datasets due later in the NA session. AUD/USD Technical Levels Resistance 1: 0.7382 (daily pivot), Resistance 2: 0.7398/0.7400 (5-DMA/ round number), Resistance 3 0.7468 (10-DMA). Support1: 0.7347 (2018 lows), Support2: 0.7312 (classic S3), Support 3: 0.7250 (psychological levels). 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 Swiss National Bank to keep policy steady – Nomura FX Street 3 years Lifted by Australia's proposed tax cuts and risk-on rally in the Asian equities. Bulls need a break above the 5-DMA resistance at 0.7398 for a sustained recovery. Eyes on Aussie tax cuts approval and US macro news for further momentum. The AUD/USD pair staged a sharp V-shaped reversal last hour, bouncing-off two-day lows of 0.7356 in a bid to take-out the 0.7398/40 resistances amid risk-on market profile and expectations of the Australian tax cuts. AUD/USD: A Doji on daily sticks The Aussie paused its five-day losing streak and rebounded this Thursday, now forming a Doji candle on the daily sticks,… Top 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.
