FxWirePro: AUD/USD slides on rate cut bet, bias back to downside
The Australian dollar declined against US dollar on Tuesday as bets that Reserve Bank of Australia could ease monetary policy and encouraging US economic data weighted on Australian dollar. Data showed U.S. housing start…
The Australian dollar declined against US dollar on Tuesday as bets that Reserve Bank of Australia could ease monetary policy and encouraging US economic data weighted on Australian dollar.
Data showed U.S. housing starts rose more than expected in June as construction activity increased broadly.
Groundbreaking on single-family homes, the largest segment of the market, increased 4.4 percent to a 778,000-unit pace in June.
Currently, the currency pair is trading around 0.7480 levels, it is set to decline further towards 0.7400 and later towards 0.7350 levels in the 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 0.7590.
To the downside, immediate support can be seen 0.7464, a break below this level will open the door towards next level at 0.7429.
