FxWirePro: AUD/USD outlook weaker on renewed downside pressure
AUD/USD declined to hit 1 month lows on Monday as comments by Federal Reserve last week reinforced expectations of a US interest rate hike as early as September. Traders grew sceptical there would be an increase in U.S. …
AUD/USD declined to hit 1 month lows on Monday as comments by Federal Reserve last week reinforced expectations of a US interest rate hike as early as September.
Traders grew sceptical there would be an increase in U.S. rates as soon as September, though December remains a possibility.
Currently the currency pair is trading around 0.7511 levels, it is set to decline further towards 0.7470 and later towards 0.7450 levels in the short term.
Strong support can be seen at 0.7443, a break below this level will expose the pair towards next support level located at 0.7404.
Major resistance can be seen at 0.7567, a break above this level will open the gates towards 0.7600 levels.
