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Currency Trading Summary 28-Jul-2016

Written by Andreas Tjahja

The FOMC statement opened the door to a 2nd half 2016 interest rate hike at its meeting today but the USD has failed to hold onto gains and has staged a dramatic reversal lower so far in the Thursday Asian session.

 

Led by the EUR/USD and GBP/USD, the market has rallied against the USD and the AUD/USD is no exception back above 0.7500 to highs of 0.7525.

 

US 10yr Yields have fallen back to 1.50% and this could indicate growing disbelief that the US FED will be returning to long term normal interest rates anytime soon.

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easyMarkets Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. easyMarkets recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning easyMarkets’ products.

AUD/USD Intraday: caution.

Pivot: 0.7505

Our preference: short positions below 0.7505 with targets @ 0.7445 & 0.7417 in extension.

Alternative scenario: above 0.7505 look for further upside with 0.7540 & 0.7565 as targets.

Comment: the RSI shows downside momentum.

Supports and resistances:
0.7565 ***
0.7540 ***
0.7505 ***
0.7479 Last
0.7445 ***
0.7417 ***
0.7405 **

Ticker : AUD
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