AUDUSD at Fresh Weekly Lows

AUDUSD trades 0.01% higher at 0.6757 as investors await RBA’s governor Philip Lowe speecj in Jackson Hole. The release of RBA’s August meeting minutes didn’t provide any fresh clues about the next policy move. Investors closely watch the RBA, as it kept its official cash rate on hold at 1.00%, as widely expected earlier this month.

In the daily chart the pair today made fresh weekly low at 0.6744, testing the support of the recent trading range. AUDUSD consolidates above recent lows. Bears are in control for the medium term but the pair managed to create a strong support zone at 0.6743. The pair is in consolidation range between 0.67440 and 0.6820 since August 5th.  On the downside first support now stands at 0.6744 today’s low, a level that if breached will enhance the slide toward the 0.67 round figure. On the upside immediate resistance stands at 0.6786 yesterday’s high while more offers will emerge at 0.6817 the high from August 13 and then at 0.6900 the 50 day moving average.Don’t miss a beat! Follow us on Telegram and Twitter.

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