AUDUSD Bears in Control, Support at 0.6743
AUDUSD trades 0.17% higher at 0.6760 helped by better Business Confidence, which came in at 4 above expectations of 3 in July. The Australia National Australia Bank’s Business Conditions came in at 2 topping forecasts of 1 in July.
AUDUSD digest the rebound from the 10 year lows at 0.6676 above mid 0.67 zone following a bullish hammer formation the previous week, that suggests that the pair has found a strong support at the recent low of 0.6676. Bears are in control for the medium term but the pair managed to create a strong support zone at 0.6743. On the downside first support now stands at 0.6742 today’s low, a level that if breached will enhance the slide toward the 0.67 round figure. On the upside immediate resistance stands at 0.6763 today’s high while more offers will emerge at 0.6928 the 50 hour moving average. The pair is exiting from oversold levels as implied by the RSI in the daily chart which stands at 32.55, so a sharp rebound above mid 0.68 can’t be ruled out.