Currency Analyst since 2010

AUD/USD is correcting up

AUD/USD is recovering from a 33-month low at $0.9325 hit yesterday. We have already noticed the divergence on the daily MACD and RSI indices which showed the need for correction up. Today Aussie rose as Australian Westpac/Melbourne Institute consumer sentiment reading for June rose by 4.7%, rising to 102.2 points, a figure above the key 100 level that signifies optimism.

Resistance lies at $0.9600/15, $0.9630 and then $0.9700 and $0.9800. Support is located at $0.9400 and $1.9325.  

Note that Aussie my come under renewed pressure tomorrow as Australia will release unemployment data which is expected to show that the situation at the nation’s labor market has deteriorated. In addition, AUD will probably be affected by the Reserve Bank of New Zealand’s meeting: the central bank is expected to leave the rate unchanged at 2.50%.

Chart. H4 AUD/USD

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