The commodity currency strongly rebounds from intraday lows and finally close above 0.75 on Wednesday’s session. The A$ remains on a bullish ride despite a strong US data and FOMC meeting minutes.
The Oil price dips more than 2% on early hours of U.S session later rebound strongly and closed with strong gains by the end of the day. The commodity currency Australian dollar followed the oil price and extends the gains on six straight weeks.
Australia June AiG performance of construction index 53.2, the former value of 46.7.
Australian Prime Minister Turnbull: very confident that we can form majority government.
And talks are being independent members to deal with the situation needs to form a minority government.
The price is trading at 0.7515 on early Asia session.
Trading resistance seems at 0.7550, 0.7600 and 0.7650 levels.
Alternatively, support finds at 0.7450, 0.7400 and 0.7280
We have been recommending buying with sl 0.7280 still remains the same theme. During today, resistance seems between 0.7550 and 0.7570 levels.
The weekly 100 moving averages seem between 0.7740 and 0.7775 levels. The price has been facing strong resistance at 20Msma rejected four times since March. A monthly close above would extend the rally to April and May highs.
Market participants focus on today’s ADP Non-farm data and Unemployment claims. The medium trend of the cross casts on tomorrow’s NFP numbers. May employment report was a huge surprise to the market forecast of 150,000 held just to 38,000 a big miss.