AUD bulls battle against USD

29/07/2021

The Australian dollar bulls are battled against US dollar and rebounded towards the 0.7400 level.

The AUD continues to strengthen against the USD for the second day in a row. The AUD is up against the USD following Wednesday’s Federal Open Market Committee (FOMC) which weakened the USD. A higher-than-expected Australian Consumer Price Index (CPI) also helped to underpin the prices.

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As can be observed from the chart, a daily close above the 0.7400 psychological mark will push them higher towards the 0.7440 mark. Bulls can hope for this, given the oversold MACD indicator. However, any downfall in the price would make the bears stronger who may try to push the price down to the 0.7530 mark.

On the other hand, the AUDJPY went fell by 0.28% in intraday trading, failing to extend the gains it yielded, in spite of downbeat US Treasury yields. This continuing falling trend may push the pair to 79.85 which is the recorded monthly low. 

The AUD also weakened against New Zealand dollar fizzling out to touch the low of 1.0587. AUDNZD bears are aiming for the 1.0540 mark, and are hoping for a downward tick in the MACD. The momentum oscillators are indicating an overall bearish sentiment.
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