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Currency Trading Summary 22-Jul-2016

Written by Anthony Darvall

The AUD/USD selloff paused yesterday at 0.7450 and we have rebounded to 0.7500 where we have stabilized. A huge week of economic data next week will have a big impact on the next direction for the AUD with Wednesday’s Q2 CPI release the most important with its direct impact on whether the RBA will cut or hike on August 2nd.


Not to be overshadowed next week however is the US FOMC Interest Rate Decision which will impact the USD part of the AUD/USD exchange rate. Whilst no economists forecast the FED will raise rates they will be dissecting the statement for clues as how close their next Interest Rate Hike is.

Technical Analysis
 AUD/USD7/22/2016 12:38 AM Print
Trend daily chart (=) Trend weekly chart (=)
AUD/USD Intraday: key resistance at 0.7515.
Pivot: 0.7515

Our preference: short positions below 0.7515 with targets @ 0.7475 & 0.7450 in extension.

Alternative scenario: above 0.7515 look for further upside with 0.7535 & 0.7570 as targets.

Comment: as long as the resistance at 0.7515 is not surpassed, the risk of the break below 0.7475 remains high.

Supports and resistances:
0.7570 **
0.7535 ***
0.7515 **
0.7499 Last
0.7475 **
0.7450 ***
0.7430 ***

Ticker : AUD Add to my portfolio
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