FxWirePro: AUD/USD drift near multi-month lows after Fed rate remarks
AUD/USD was pinned near multi moth lows on Monday after comments by Federal Reserve last week reinforced expectations of a US interest rate hike as early as June. Investors remained cautious ahead of busy week in Austral…
AUD/USD was pinned near multi moth lows on Monday after comments by Federal Reserve last week reinforced expectations of a US interest rate hike as early as June.
Investors remained cautious ahead of busy week in Australia with gross domestic product, retail sales, and trade data due for release.
Currently the currency pair is trading around 0.7183 levels, it is set to decline further towards 0.7140 and later towards 0.7100 levels in the short term.
Strong support can be seen at 0.7143, a break below this level will expose the pair towards next support level located at 0.7080.
Major resistance can be seen at 0.7242, a break above this level will open the gates towards 0.7300 levels.
