AUDUSD: Inches Higher for Ninth Straight Day
The Aussie continues higher at 0.7012 registering gains for ninth straight session amid broad USD weakness. AUDUSD hit the low at 0.6830 the previous week but managed to rebound after FED opened the door for interest rate cuts before the end of the year. In macro data earlier the Private Sector Credit, Month on Month came in at 0.2%, worst than analyst’s forecasts of 0.3% for May.
The Aussie economy is at risk from heightened global uncertainty due to trade war between China and USA, but this week as investors sentiment improved ahead the G20 summit in Osaka helped AUD. Economist’s have increased bets of a Reserve Bank of Australia interest rate cut as soon as July.
Australian dollar currently trading close to daily high at 0.7016 as the short term positive momentum is still intact. The pair now will face the important 0.7034 resistance at the 100 day moving average which if breached can extend the rebound to 0.7103 and the 200 day moving average. On the downside first support stands at 0.6959 the 50 day moving average, while more bids will emerge at 0.6827 the low from June 18th.Don’t miss a beat! Follow us on Twitter.