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AUDUSD Trapped Between 50 and 100 Day MA

Written By: Nikolas Papas
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Forex
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AUDUSD Trapped Between 50 and 100 Day MA
AUDUSD Trapped Between 50 and 100 Day MA

AUDUSD consolidates below the 0.70 holding the gains from recent rally. Traders closely follow RBA and the interest rate outlook after the Central Bank cut the rates to 1%. ANZ Job Ads for June increased 4.6% to 159k in June but is still down 9.1% over the year

AUDUSD currently is trading close to daily high at 0.6993 in improved momentum as the pair gets a lift by higher iron ore prices. The pair will face the first important resistance at 0.7028 the 100 day moving average and if breached can extend the rebound up 0.7096 and the 200 day moving average. On the downside first support stands at 0.6954 the 50 day moving average which tested twice with success, while more bids will emerge at 0.6827 the low from June 18th.Don’t miss a beat! Follow us on Twitter.