AUD/USD in narrow Range trapped

FXStreet — The Australian Dollar extended its previous week’s losses against the US Dollar for the week start from. It is the third session in a row — the longest streak since the end of April.

The currency pair started the trading week with a downward pulse in the Form of a price gap down due to the higher risk aversion in the international financial markets, and extended its reversal from the previous week. Blame is likely to be the renewed North Korean Test of a ballistic missile, prompting the currencies of high interest rate easily under pressure. Another negative factor for the Australian Dollar, the case price is the end of copper.

In spite of the strong selling orders on the currency pair on the 1-week Low, which was marked on Friday. Against the Background of uncertainty about future Fed interest rate increases during the current year, should investors take the official US labour market report under the magnifying glass, to determine the next direction for the Pair.

Moreover, charged, as before, the political uncertainty in the United States, which has rise that Trump can really bring the promised growth-friendly policies on the way. This, in turn, the US yields are falling, currencies of high interest rates such as the Australian Dollar supported, and thus the rate limited losses for the time being.

The US markets remain closed on Monday due to the holiday of Memorial Day, which is why the rate of the currency pair to its mixed Performance is likely to continue.

Technical Levels

A break of the resistance at 0,7450/55 (session high) could give the Australian Dollar once again gaining momentum. In 0,7475, 0,7500 (psychological mark) and 0,7515 the next chart technical resistance marks.

The next support levels, which can initiate a counter-movement, are 0,7425/20, 0,7400 and 0,7385 (horizontal support).

** FXStreet News Editorial, FXStreet**

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