Technical Analysis for AUD/USD: June 21, 2016
The Aussie dollar is benefiting from a volatile sterling and euro as investors seek a safe heaven in the AUD. The RBA meeting minutes headlined the impetus this week. The Board implied the importance of a weak domestic currency to support Q2 and Q3’s GDP growth. However, the minutes did not have a significant impact on the AUD/USD.
Australia’s house price index printed surprising numbers, declining by 0.2 percent in the first quarter of the year compared to the previous quarter’s 0.2 percent growth. Analysts expected a 0.8 percent rise in Q1.
Although AUD/USD is trading at 0.7487, the upsurge is limited due to easing commodity prices. The USD has been fairly quiet and is waiting for Yellen’s statement later on the semi-annual monetary policy report.
The first support can be found at 0.7454 and 0.7413 subsequently. The first resistance is at 0.7500 and 0.7550. The MACD indicator is positive location and the price is rising. However we are not expecting the AUD to break into the 0.75 level anytime today.
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