2 Jul 2015
AUD/USD: Driven lower on strong dollar
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7646 with a high of 0.7740 and a low of 0.7637.
AUD/USD was bettered offered throughout the european and US markets as the dollar takes back its safe haven roll across the board and the Greek crisis continues, where risky asset classes and currencies are less favoured in times of uncertainty.
AUD/USD price action
AUD/USD was a clear sell from the off after a slightly turbulent early Asian session yesterday when the price started to settled in to a new and higher narrow range holding the 0.77 handle and up to 0.7720. The price in the European handover of 0.7700 was taken out and the bears didn't look back until 0.7660-50 with a slight bounce to 0.7670 zone. We were then in to further supply until reaching the aforementioned lows where we move over to early Asia.
AUD/USD fundamentally on the greenback
In respect of the US dollar that is driving fundamentals today, Kit Jukes, head of FX research at Societe Generale explained that we are entering a crucial period for US economic data, expectations about whether and when the Fed will ever raise rates, and the dollar. "If we get a strong Nonfarm Payrolls report tomorrow, we are going to see market expectations of a hike in September harden significantly."
AUD/USD technically
Karen Jones, chief analyst at Commerzbank noted that AUD/USD reached its near term resistance line at 0.7735, where ideally we will see failure. "This should then provoke a retest of the 0.7598 June low – this guards the 0.7534 April low".
"Near term the market remains offered below the 0.7747 short term resistance line. Above 0.7750 would allow for a deeper retracement to the current June high at 0.7848 and only above here would cause us to re-evaluate our bearish view."
AUD/USD was bettered offered throughout the european and US markets as the dollar takes back its safe haven roll across the board and the Greek crisis continues, where risky asset classes and currencies are less favoured in times of uncertainty.
AUD/USD price action
AUD/USD was a clear sell from the off after a slightly turbulent early Asian session yesterday when the price started to settled in to a new and higher narrow range holding the 0.77 handle and up to 0.7720. The price in the European handover of 0.7700 was taken out and the bears didn't look back until 0.7660-50 with a slight bounce to 0.7670 zone. We were then in to further supply until reaching the aforementioned lows where we move over to early Asia.
AUD/USD fundamentally on the greenback
In respect of the US dollar that is driving fundamentals today, Kit Jukes, head of FX research at Societe Generale explained that we are entering a crucial period for US economic data, expectations about whether and when the Fed will ever raise rates, and the dollar. "If we get a strong Nonfarm Payrolls report tomorrow, we are going to see market expectations of a hike in September harden significantly."
AUD/USD technically
Karen Jones, chief analyst at Commerzbank noted that AUD/USD reached its near term resistance line at 0.7735, where ideally we will see failure. "This should then provoke a retest of the 0.7598 June low – this guards the 0.7534 April low".
"Near term the market remains offered below the 0.7747 short term resistance line. Above 0.7750 would allow for a deeper retracement to the current June high at 0.7848 and only above here would cause us to re-evaluate our bearish view."