FxWirePro: AUD/USD intraday outlook weaker on renewed downside pressure
The AUD/USD pair declined on Friday, as the pair was weighted down on the view that coming inflation data would trigger rate cut by Reserve Bank of Australia while Thursday’s upbeat US data boosted dollar across the boar…
The AUD/USD pair declined on Friday, as the pair was weighted down on the view that coming inflation data would trigger rate cut by Reserve Bank of Australia while Thursday’s upbeat US data boosted dollar across the board.
The market is pricing in a 60 percent probability of a 25 basis point rate cut to 1.50 percent at next policy meeting on Aug 2nd.
Currently, the currency pair is trading around 0.7466 levels, it is set to decline further towards 0.7400 later towards 0.7350 levels in the short term.
Short pullback around 0.7500 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in short term.
To the upside, the strong resistance can be seen at 0.7518, a break above this level would take the pair towards next resistance level at 0.7546.
To the downside immediate support can be seen at 0.7461, a break below this level will open the door towards next level at 0.7428.
