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Aussie Dollar Likely To Resume Rally Soon

By Axi (Milan Cutkovic)ForexAug 03, 2017 09:33

au.investing.com/analysis/metais-precisos-sinalizam-bear-trap-200196131

Aussie Dollar Likely To Resume Rally Soon

By Axi (Milan Cutkovic) | Aug 03, 2017 09:33

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Originally published by AxiTrader

The euro is unstoppable. While EUR/USD struggled to maintain momentum above 1.19 today, a test of major resistance at 1.20 seems likely in the near-term. To the downside, expect initial support at the lower channel trendline, followed by strong support in the area between 1.1775 and 1.1790.

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AUD/USD was rejected at 0.8070 resistance and rejected some of the recent gains. However, the Australian dollar remains well bid and further gains seem likely. Expect decent support near the 23.6 % Fibo of the May-July rally at 0.7890, followed by 0.7840 (former key resistance).

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USD/JPY is currently within a strong downtrend. Support at 110.00 failed to hold initially, but positive risk sentiment gave the currency pair a boost later in the session. The short-term outlook is negative and the break sub-110 signals a correction to at least 108.

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Chart

In GBP/USD, we must zoom out to the weekly chart to identify the next major resistance level - which lies around 1.3440. The charts suggest that further gains are ahead, but it is questionable if the pound rally is sustainable. The Bank of England meeting on Thursday could determine the short-term direction.

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The kiwi is showing first signs of weakness and is approaching a key support area between 0.7375 and 0.74. A clear break below that area would confirm the top at 0.7560 and pave the way for a retracement to at least 0.72.

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