10 Jul 2015
AUD/USD rally post Greek proposal, recovery now stalling?
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7480 with a high of 0.7489 and a low of 0.7446.
AUD/USD has been volatile over the last few sessions with domestic data that was released yesterday and today and then finally we have Yellen's speech tomorrow.
AUD/USD fundamentals
The Australian economy and this came in the form of Australia Investment Lending for Homes that declined to -3.2% in May from previous 2.6% while Australia Home Loans came in below expectations (-3.5%) in May: Actual (-6.1%). Yesterday, the Australian employment change for June came at 7.3k vs -5k expected and 42k last. The participation rate was 64.8% vs 64.7% prior.
The Aussie has been staging a recovery from 0.7370 lows this week and the Greek debacle will be in focus over the weekend. A positive result could will be supportive to the currency while further disagreements around Greece proposal could hurt AUD/USD further, with the RBA in favour of a weaker price. China could make Greece look like a sideshow though. Today the Shanghi Composite is higher with government measures contributing to a 6% gain yesterday and but there are 1422 shares not trading and suspended still.
AUD/USD technically bearish
AUD/USD is making a minor recovery but Karen Jones, chief analyst at Commerzbank explained that they look for losses to the base of the 2 year channel at 0.7193 longer term. "Near term the market remains offered below the 0.7675 short term resistance line."
AUD/USD has been volatile over the last few sessions with domestic data that was released yesterday and today and then finally we have Yellen's speech tomorrow.
AUD/USD fundamentals
The Australian economy and this came in the form of Australia Investment Lending for Homes that declined to -3.2% in May from previous 2.6% while Australia Home Loans came in below expectations (-3.5%) in May: Actual (-6.1%). Yesterday, the Australian employment change for June came at 7.3k vs -5k expected and 42k last. The participation rate was 64.8% vs 64.7% prior.
The Aussie has been staging a recovery from 0.7370 lows this week and the Greek debacle will be in focus over the weekend. A positive result could will be supportive to the currency while further disagreements around Greece proposal could hurt AUD/USD further, with the RBA in favour of a weaker price. China could make Greece look like a sideshow though. Today the Shanghi Composite is higher with government measures contributing to a 6% gain yesterday and but there are 1422 shares not trading and suspended still.
AUD/USD technically bearish
AUD/USD is making a minor recovery but Karen Jones, chief analyst at Commerzbank explained that they look for losses to the base of the 2 year channel at 0.7193 longer term. "Near term the market remains offered below the 0.7675 short term resistance line."