AUD/USD Pushing higher after RBA left rates unchanged

The Australian Dollar is trading up with 0.54% at above 0.7427 level against the US Dollar. In line with the expectations the Reserve Bank of Australia left its cash rate unchanged at 1.50%. Inflation and wages remain low and the statement of the bank was broadly unchanged from the previous monetary policy meeting.
Technically speaking the short-term outlook remains bullish. On the four hour time frame the price is developing above its flat 50-day and 100-day SMAs and the 20-day SMA has turned to north. RSI has eased around 65 level  while stochastic is showing strong bullish momentum and is entering extreme overbought conditions.
Now bulls are eyeing the resistance at 0.7445 which is broken will open doors for testing the next one - July 10 high at 0.7484 and higher at 0.7531. Looking to the downside the pair founds support at 0.7348 (Friday’s low), 0.7310 (July 2 bottom) and 0.7184.

AUD/USD Bearish pressure ahead of NFP

The AUD/USD pair moved higher during Asian session and marked daily high at 0.7372 after the upbeat Australian retail sales data. But during the pat hour lost upward traction and retreat to currently trade around 0.7363.  
Technically speaking the short-term outlook remains neutral to bearish. On the four hour time frame the price is developing its bearish 20-day SMA and flat 50-day and 100-day SMAs. RSI lacks direction around 40 level while stochastic has turned north although remains well below its mid-line.
The selling pressure has diminished for now as market participants became cautious ahead of today's key event risk – the US monthly jobs report release. So until then no significant moves are expected and it’ll become more interesting later on, especially in case with strong US jobs numbers which will further boost the bears. The short-term perspective turns towards key supports at 0.7340, 0.7320 and 0.7310.

AUD/USD Above 0.7400 ahead of Powell's speech

The AUD/USD pair is trading within tight range today around 0.7400, having marked daily high at 0.7437 during the Asian session. During the early trading hours the RBA meeting minutes revealed that the next move on rates in Australia will likely be up, once the unemployment lowers and inflation marks growth. Meanwhile the US dollar is gaining strength ahead of US federal Reserve’s chairman Jerome Powells testimony in Congress later on today.
Technically speaking the short term outlook remains neutral. On the four hour time frame the price is developing between its flat moving averages. RSI and stochastic are displaying bearish slopes slightly below their mid-lines and still remain far from extreme negative territories. According to above readings a risk of downward continuation will appear only is case of breaking the support at 0.7370 en route to next one at 0.7330. On the other hand bulls could get some love if pushing above the daily high and then next target will be offered by the resistance at 0.7490.

Aussie above 0.74 ahead of NFP

After yesterday’s quite consolidation mode today AUD/USD is trading higher, up with 0.33% and current market price 0.7411. Despite the upbeat US ISM non-manufacturing PMI and the latest FOMC meeting minutes, which reconfirmed Fed’s tightening policy, the US Dollar was set under selling pressure. Meanwhile the trade war sentiments and the slump in copper prices coundn’t affect the ongoing positive momentum.

Technically speaking the short term outlook remains neutral to bullish. Ont he four hour time frame the price is developing above its flat moving averages. RSI is located above its mid-line but has lost directional strength. Stochastic is showing strong bullish momentum and is nearing oversold readings.

First bullish target is provided by the weekly high at 0.7425 followed by the psychological handle at 0.7500. The downside is supported by 0.7380 and lower at 0.7335.

Today the NFP data is due and the Unemployment rate and Average Hourly Earnings data. The first event is going to be the main markets driver and will bring higher volatility, so it’ll be interesting to observe breakouts. 

AUD/USD Bears rule the trend

The AUD/USD pair tried to push higher today but bulls couldn’t advance beyond 0.7408. The Australian Westpac Leading Index showed worse than expected figures while the greenback is keeping steady levels. Technically speaking the short-term outlook remains neutral to bearish.On the four hour time frame the price is developing below its moving averages and as seen the 20-day SMA stalled the bullish aspiration. RSI is staying flat around its 30 while the stochastic is extremely bearish and is entering oversold area. Immediate support is seen at 0.7345 and if broken to below will open doors for testing 0.7250, which will offer strong long-term support line.

AUD/USD Pushed to 0.7676 and marked fresh 6-week high

The AUD/USD  pair pushed higher today extending the bullish sentiment started form May 9th. The pair surpassed the 61.8% Fibonacci retracement of latest April to May bearish run and surged to daily high at 0.7676. The Australian bulls were influenced by better than expected numbers on economic growth for Q1 while the US agenda has nothing to offer but however the pair retreated slightly from the daily high along with US equities

Technically speaking the short term outlook remains neutral to bullish. On the four hour time frame the price is developing well above its moving averages with 20-day and 100-day SMAs aiming north and flat 200-day SMA. RSI and stochastic had eased above their mid-lines with second once one located within overbought area.

Having in mind that the pair failed to break above its daily high and directionless indicators we might see again it around the support provided by 61.8% Fibo at 0.7660. On the other hand the upcoming session will bring Australia’s AIG Performance on Construction Index for May and the April trade balance figures, which are supposed to show goodish figures  more likely will give the Aussie an additional boost. In this scenario bulls will try to fight the 0.77 level which if broken will open doors for testing 0.7740.

AUD/USD Vulnerable to deeper decline

Since April 19^th the AUD/USD pair entered into bearish trajectory and broke to below consecutively the 2016 bullish trend line and the bearish channel started from February 2018.  After having marked a new fresh 11-month low today at 0.7412, the pair bounced modesty to currently trade around 0.7450. However the pair remains vulnerable for further declines because the bears conquered the psychological support at 0.7500, now acting as a resistance. So a potential recovery might lead the price towards first resistance area at 0.7480 provided by 50% Fibonacci retracement of 2016-2018 bullish run, before nearing again this critical 0.75 mark. The downside is immediately protected by the 0.7410-0.7400, and in case the pair close below it, will be poised to extend its decline towards next support at 0.7370, which if broken will open doors for testing the 61.8% of same Fibo at 0.7327.  

AUD/USD Bears are aiming 0.7500 area

The AUD/USD pair tumbled to fresh 2018 lows, down with 0.45% today and currently trading at 0.7561. US bulls are back in game supported by the rising 10-years Treasury yields, which reached the impressive 3.02 %. While Australia is having holiday today, Aussie is conducted by  the US dollar dynamics.
Technically speaking the short term outlook remains bearish. On the four hour time frame the price is developing well below its moving averages. The 20-day SMA is keeping its bearish slope while the 100-day and 200-day SMAs are starting to turn south after staying flat the last two weeks. RSI and stochastic are located with extreme oversold areas however there is scope for further declines.
Last week the pair decisively broke the 61.8 % Fibonacci retracement of latest December to January bullish run at 0.7745. During the past two months the price was moving back and forth around it and switching from support to restisrance several times. The above mentioned indicators support additional declines and bears now are aiming the 0.7500 area and thus the same Fibonnacci retracement would be completed at 100%.
The macro agenda is not offering any significant releases and with Australian market closed the US bulls are setting the tone.