AUD/USD Daily Forecast - 3 July

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Monday, Jul 02 2018

AUD/USD Daily Forecast - 3 July

AUD/USD bears drove the market to a new 2018 low this Monday at 0.7310. The bear trend is strong and resistance to the upside are seen near the 0.7323 former 2018 low and 0.7345 congestion zone. To the downside bears will likely target the 0.7300 figure and the 0.7246 December 25, 2016 high. After this decline, buying is not an option at the moment.

We expect some amount of support around 0.7280 and 0.7250 level in the course of tomorrow’s session and resistance near 0.74 handle. Focus will of course be on RBA interest rate decision. On a long-term basis, if we see break below 0.2 handle we would be sellers for this pair.

More in this category: « EUR/USD Daily Forecast - 2 July GBP/USD Daily Forecast - 3 July »

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