AUDUSD Make Fresh 3 Week Lows and Rebounds

AUDUSD trades 0.15% higher at 0.6757 as US – China trade war escalates after President Trump announced extra tariffs to Chinese products. Reserve Bank of Australia’s Governor Lowe noticed that monetary policy can push up asset prices but can’t support and deliver medium term growth.

In the daily chart the pair today made fresh weekly low at 0.6688, breaking below the support of the recent trading range. AUDUSD managed to rebound above recent lows and managed to breach the 50 hour moving average; as of writing the pair trades at 0.6758 close to daily highs. Bears are in control for the medium term.  On the downside first support now stands at 0.6688 today’s low, a level that if breached will enhance the slide toward the 0.66 round figure. On the upside immediate resistance stands at 0.6763 today’s high while more offers will emerge at 0.6817 the high from August 13 and then at 0.6898 the 50 day moving average.Don’t miss a beat! Follow us on Telegram and Twitter.

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