The Australian dollar enjoyed a post-Brexit recovery and managed to top the 0.75 level. While AUD/USD keeps holding on to this ground, the gains may have stopped for now. Australian elections – count continues The initial count in Australia’s elections held on Saturday showed a hung parliament, with neither of the main parties reaching an outright majority. After a long pause for the weekend, the count of the final vote continues. AUD/USD did open the week with a small weekend gap to the downside on this uncertainty, but this was closed quite soon. The land down under has seen quite a few PMs in a short span of years but this hasn’t affected the currency. Democracy is solid in Australia. But will a hung parliament make a difference? Very balanced RBA The Reserve Bank of Australia left the rates unchanged as widely expected. The statement was relatively balanced, like the currency movements. Glenn Stevens and co. did refer to the currency by saying that the rising AUD could complicate the economic re-balancing, but this does not sound very worried. Regarding inflation, they see it as quite low and remaining as such for a while. However, growth continues and low rates are supporting domestic demand. They also seem mixed on jobs, not seeing a very specific direction. Weak data Apart from the words coming out from politicians and central bankers, we also received some data from Australia. The main data points were underwhelming: retail sales rose by only 0.2%, below 0.3% expected. In addition, the previous month’s data was revised down to 0.1%. The trade balance deficit also deteriorated with 2.22 billion instead of 1.72 predicted. Also here, the previous figure was revised to the downside. Elsewhere, the AIG Services Index slipped from 51.5 to 51.3. China’s services PMI did surprise to the upside with 52.7. This is good for Australia which still relies on the world’s second largest economy. AUD/USD down from here? With global uncertainty and political uncertainty joined by mediocre data and the momentum lost, we could see a slide from here. AUD/USD is currently trading at 0.7517, down from the highs of 0.7544 which was the highest the Brexit vote. 0.75 serves as support. Further support if the pair begins sliding, the next line is 0.7440. Further below, we have 0.7375 and 0.73. On the topside, resistance is at 0.76 and 0.7640. More: AUD, NZD: A Sell Vs Safe-Haven? Where To Target? – Credit Suisse Here is how it looks on the chart: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next UK Services PMI not so terrible – GBP slips anyway Yohay Elam 6 years The Australian dollar enjoyed a post-Brexit recovery and managed to top the 0.75 level. While AUD/USD keeps holding on to this ground, the gains may have stopped for now. Australian elections - count continues The initial count in Australia's elections held on Saturday showed a hung parliament, with neither of the main parties reaching an outright majority. After a long pause for the weekend, the count of the final vote continues. AUD/USD did open the week with a small weekend gap to the downside on this uncertainty, but this was closed quite soon. The land down under has seen quite… 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.