AUDUSD Consolidates Below 0.68
AUDUSD trades 0.13% higher at 0.6783. Investors closely watch the RBA and a speech by Governor Lowe later this week, as it kept its official cash rate on hold at 1.00%, as widely expected earlier this month.
In the daily chart the pair today is testing the support at 50 hour moving average. AUDUSD consolidates above recent lows 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 0.6743 recent low, a level that if breached will enhance the slide toward the 0.67 round figure. On the upside immediate resistance stands at 0.6788 today’s high while more offers will emerge at 0.6817 the high from August 13 and then at 0.6912 the 50 day moving average.