30 Jul 2015
AUD/USD downside underpinned on Sep Fed hike
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7285 with a high of 0.7329 and a low of 0.7258.
AUD/USD has sunk below the 0.73 handle this month and is failing to convince on any minor rebound. The data of late has been unfavourable to the Aussie with the building permits missing expectations, but that was then shrugged off as markets lined up for today's GDP numbers for the US. These equally missed expectations but confirmed progress at least in comparison to Q1 performances. We remains on track for a
September hike from the Fed in the opinion of some economists.
Technically remaining in the hands of the bears
The market is trying to recover, but on continued failures the downside remains compelling and we are still approaching the base of the two year channel at 0.7188 and major support in the form of a long-term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144.
AUD/USD has sunk below the 0.73 handle this month and is failing to convince on any minor rebound. The data of late has been unfavourable to the Aussie with the building permits missing expectations, but that was then shrugged off as markets lined up for today's GDP numbers for the US. These equally missed expectations but confirmed progress at least in comparison to Q1 performances. We remains on track for a
September hike from the Fed in the opinion of some economists.
Technically remaining in the hands of the bears
The market is trying to recover, but on continued failures the downside remains compelling and we are still approaching the base of the two year channel at 0.7188 and major support in the form of a long-term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144.