A breakout above 0.7400 can lead to a retest of the weekly highs near the 0.7440 level. With no major data releases from Australia on Monday we believe that pair will consolidate in the area between 0.7370 and 0.7440 level. In long-term trends, we would remain on the sidelines for this pair as buying is not an option until we see break above 0.75 handle.
AUD/USD Daily Forecast - 2 July
AUD/USD had a 65-pip boost this Friday and found resistance at the 0.7400 level. Pair formed a golden cross where the 50-period simple moving average crossed above the 200-period SMA which is seen as a bullish signal. Pair is currently finding support at the 50-period SMA and at 0.7380 Tuesday’s low.
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