AUD/USD remains on a defensive around 0.6660 area – by lilyfinancial AUDUSD Majors Technical Analysis
released supports the US Dollar and exerts pressure on AUD/USD. The major pair currently trades around 0.6665, losing 0.61% for the day.
The encouraging second-quarter US GDP growth, solid Durable Goods, and consistently tight labor market conditions suggest that the Federal Reserve may decide to hike interest rates further. The US real Gross Domestic Product rose at a 2.4% annualized rate in the second quarter, above the market estimate of 1.8% by a wide margin and following the 2% growth recorded in the first quarter.
From a technical perspective, AUD/USD holds below the 50- and 100-hour Exponential Moving Averages on the one-hourThat said, any intraday pullback below 0.6625 would expose the critical support level of the 0.6600 area, representing a psychological round mark and a low of July 6. Further south, the next stop of the AUD/USD is located at 0.6565 and finally at 0.6500 .
Looking at the upside, some follow-through buying towards a psychological round mark and a low of July 27, around 0.6700, will see a rally to the next barrier at 0.6740. The mentioned level highlights the confluence of a low on July 26 and the 50-hour EMA. Following that, AUD/USD has room to test the additional upside filter at 0.6755 and 0.6795–0.6800 .
The Relative Strength Index lines in the oversold condition and Moving Average Convergence Divergence stands in the bearish territory, challenging the pair’s immediate downside for the time being.
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