AUD/USD inched higher on Monday as momentum swung towards Britain remaining in the European Union ahead of this week's referendum and strong rise oil prices supported Aussie bulls. Recent opinion polls have generally sho…
AUD/USD inched higher on Monday as momentum swung towards Britain remaining in the European Union ahead of this week's referendum and strong rise oil prices supported Aussie bulls.
Recent opinion polls have generally shown a tight race ahead of the June 23 referendum, although betting markets have shown a higher probability of a "Remain" vote.
Three polls published on Saturday showed a small lead to the "Remain" camp after a three-day hiatus in campaigning following the killing of a pro-EU lawmaker.
Further decline is expected to be limited as the pair finds strong support at 0.7402 which should limit downside and initiate rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7520, a break above this level would take the pair towards next resistance level at 0.7600.
To the downside immediate support can be seen at 0.7440, a break below this level will open the door towards next level at 0.7402.
