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FxWirePro: AUD/USD extends losses amid US-Iran stalemate

• AUD/USD eased on Wednesday  as renewed concerns over oil supply continued to weigh on sentiment and the Australian dollar.

•U.S. President Donald Trump said on Tuesday there ⁠were no ​talks with Iran and insisted the Strait of Hormuz was ​open, contradicting Iran's assertion that the waterway remained shut to shipping.

•Australia’s Q2 Wage Price Index rose 0.8% q/q and 3.2% y/y, matching market expectations, suggesting wage pressures remain steady.

•RBA Deputy Governor Andrew Hauser’s comments later Wednesday will be closely watched for clues on the central bank’s policy outlook.

• Immediate resistance is located at 0.7142 (Higher BB), any close above will push the pair towards 0.7153(61.8%fib).

• Support is seen at 0.7056(38.2%fib) and break below could take the pair towards 0.7036( (SMA 20).

 Recommendation: Good to sell around 0.7070, with stop loss of 0.7150and target price of 0.7000

 

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