FxWirePro: AUD/USD weaker on US rate outlook, bias is bearish
AUD/USD declined on Monday as US dollar strengthened across the board on growing speculation that U.S Federal Reserve may raise interest rates in June. Currently the pair is trading at 0.7215, further upside is expected …
AUD/USD declined on Monday as US dollar strengthened across the board on growing speculation that U.S Federal Reserve may raise interest rates in June.
Currently the pair is trading at 0.7215, further upside is expected to be limited as the pair finds strong resistance at 0.7260.
The pair is expected to reach 0.7150 and later towards 0.7100 as the Aussie dollar is set to weaken further against its US counterpart in the short term.
To the upside, the strong resistance can be seen at 0.7260, a break above this level would take the pair towards next resistance level at 0.7282.
To the downside immediate support can be seen at 0.7207, a break below this level will open the door towards next level at 0.7175.
