The dollar bulls send the A$ to the support zone extending the downward journey to the third consecutive week. As we approach the last trading day of the month, as of now the cross lost nearly 1.3%.
What’s on today?
Australia July private sector credit MoM 0.4%, expected 0.4%, the previous value of 0.2%.
Private loans Australia in July year on year by 6%, expected 6.1%, the previous value of 6.2%.
August ADP employment, forecast 173K vs 179K
August Chicago PMI, forecast 54.1 vs 55.8
July Pending home sales, forecast 0.9% vs 0.2%
Steven Saywell, etc. Paribas analysts said France, the US employment data scheduled to be released this week will strengthen the Fed rate hike expectations, with US interest rates upward expectations, the dollar still room to rise.
The price has support zone finds between 0.7480 and 0.7440 levels. The July 27th low finds at 0.7420 and 200Dsma find at 0.7380 levels. The bulls last hope remains at 0.7330 50Wsma.
Alternatively, resistance seems at 0.7550, 0.7600 and 0.7660 levels. The cross remains below 50&20Dsma seems at 0.7560 and 0.7630 levels. Due to oversold hourly indicators, the price might retrace to 50Dsma before the ADP data hits the wires.