The Australian dollar rose on Tuesday’s session post-RBA minute climb above 0.75 but at the end of the day erased intraday gains and closed with losses.
- Market participants focus to Thursday’s UK’s referendum
- The latest poll developments showing a lower likelihood of Britain leaving the European Union
“The chances of the Australian dollar weakening from 74 US cents now to beyond our current end-year forecast of 70 US cents are increasing, and we expect the New Zealand dollar to weaken from 70 US cents now to around 62 US cents, according to a report on “key calls” from Capital Economics, reported by SMH.
Supply zone remains between 0.7500 and 0.7535 levels.
The cross price remains above all the daily moving averages and sustaining above 20Wsma. The price has been facing strong resistance at 20Msma seems at 0.7520, rejected thrice
Alternatively, support finds at 0.7370, 0.7320 and 0.7270 levels. Selling pressures loom below 0.7370 and will be strengthened below 0.7320. The 50Wsma finds at 0.7270 if fails hold further deceleration falls in place.
If the price settles above 0.7540, retracement would expect to 0.76, 0.7650 and 0.77 levels.