AUD/USD: growth to the key resistance level

FOREXCOM:AUDUSD   Australian Dollar / U.S. Dollar
38 0 2
Current trend

Australian currency is proving its strength once again consolidating against USD after considerable fall in April and early May. In the middle of May the pair moved away from the keu support level 0.7330 and went up in view of growing investor support caused by the release of positive data on key economic sectors and stable monetary policy of the Reserve Bank of Australia.

One may note stable positions of the Australian currency in terms of growth of investor demand for USD after FOMC decision to increase the key interet rate. AUD/USD             did not fall but moved to the lateral stage of consolidation. Today's strong releases on vehicle sales in Australia gave AUD additional support.

Tomorrow traders should pay attention to the release of RBA MoM devoted to fiscal policy issues. In the end of the trading week reports on the labo market and key US indexes will be released.

Support and resistance

The pair is likely to grow in the medium term due to certain weakening of USD after the surge of investor demand and stable growth of AUD. The possibility of the pair's movement to the key resitance level of 0.7750 is high. During the year this level has been tested 5 times but has not bee broken through yet. Technical indicators confirm the growth outlook. MACD indicates rapid growth of the volume of long positions and Bollinger Bands have changed their position and are directed upwards.

Support levels: 0.7585, 0.7560, 0.7540, 0.7490, 0.7475, 0.7450, 0.7375, 0.7330.

Resistance levels: 0.7610, 0.7630, 0.7650, 0.7630, 0.7650, 0.7720, 0.7750.

Trading tips

Long positions may be opened from the current level with targets at 0.7750 and stop-loss at 0.7530. In case the level of 0.7750 is broken through the way to the level of 0.7800 will be opened.
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