FxWirePro: AUD/USD rises on upbeat Australia Business Confidence
Tuesday, July 14, 2015 5:23 AM UTC
- AUD/USD opens Tuesday at 0.7404, had been trading heavily with a stronger greenback across the board
- Positive June business Confidence numbers buoyed the pair today, currently trading at 0.7420 with a high of 0.7422 and a low of 0.7386
- Today's upbeat Biz Conf numbers a further input into the RBA's thinking as it muses over the need for more monetary stimulus
- Rallies could find initial resistance at 0.7559 (23.6% fibo retracement), then 0.7647 come as the short term resistance, last weeks trend low at 0.7372 critical support
- Sentiment is at large bearish AUD with focus on tomorrows' China GDP release
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