- Summary:
- AUDUSD consolidates above the 0.70 holding the gains from recent rally. Traders closely follow RBA and the interest rate outlook
AUDUSD consolidates above the 0.70 holding the gains from recent rally. Traders closely follow RBA and the interest rate outlook after the Central Bank cut the rates to 1%. The US non-farm payrolls data will add volatility to the pair as it is trading in just 10 pips range.
AUDUSD currently is trading close to daily high at 0.7019 in improved momentum after the pair managed to break above the 0.70 resistance. The pair now will face the important resistance at 0.7032 the 100 day moving average and if breached can extend the rebound up 0.71 and the 200 day moving average. On the downside first support stands at 0.6954 the 50 day moving average which tested twice with success, while more bids will emerge at 0.6827 the low from June 18th.Don’t miss a beat! Follow us on Twitter.