AUDUSD: Bears in Control Below 0.6934

AUDUSD trades 0.01 percent lower at 0.6906 making fresh 2-week lows  after the previous week  Governor Lowe of Reserve Bank of Australia in a speech said that it’s reasonable’ to expect lower rates for longer time and RBA is prepared to ease policy further if needed.  Earlier today the Australia’s HIA new home sales increased 0.8% in 2Q 2019, the China industrial profits slump by -3.1%, hurt by tariffs and slower growth due to trade war tensions.

AUDUSD continues south for seventh consecutive trading as the fundamental data do not support a move higher after recent Aussie data disappoints. On the downside first support now stands at 0.6876 the low from June 20, a level that if breached will enhance the slide toward the 0.6830 the low from June 18th. On the upside immediate resistance stands at 0.6934 the 50 hour moving average while more offers will emerge at 0.6958 the 50 day moving average. The short term momentum for AUDUSD is clearly bearish for now and a move to lower levels looks possible.Don’t miss a beat! Follow us on Twitter.