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1 Jul 2015
AUD/USD: Buyers in control despite China PMI miss
FXStreet (Bali) - AUD/USD has turned the initial bearish tide around following a miss China HSBC PMI print, initially retreating towards 7710 before launching an attack north through liquidity area at 7720/25, hitting its highest for the day at 7740 so far.
AUD/USD technicals: Bulls in control heading into Europe
The breakout above 7725 should now allow the bullish momentum to extend at least until 7750/60, where the next level of horizontal resistance - also weekly R1 - is found ahead of potentially further rises towards 78. Worth noting that the current boost confirms the break of a descending trednline off June 19 through June 24/25. On the downside, sellers should now regain 77 area to try and regain control, although the prospects, not so much fundamentally but technically, look bleak for the interest of bears heading into European trading.
AUD/USD technicals: Bulls in control heading into Europe
The breakout above 7725 should now allow the bullish momentum to extend at least until 7750/60, where the next level of horizontal resistance - also weekly R1 - is found ahead of potentially further rises towards 78. Worth noting that the current boost confirms the break of a descending trednline off June 19 through June 24/25. On the downside, sellers should now regain 77 area to try and regain control, although the prospects, not so much fundamentally but technically, look bleak for the interest of bears heading into European trading.