23 July AUDUSD Technical Analysis: Aussie’s bull-run from Friday appears over


The AUDUSD is chained to recent highs set late last week, cycling near 0.7430 as traders look down the barrel of a week that sees a thin data schedule and tensions on the rise across the globe with trade spats continuing to simmer. What is more? Gain insight into the following 23 July AUDUSD Technical Analysis.

23 July, GKFX – Last week saw the Aussie whipping against the US Dollar, dropping into consecutive fresh lows before rebounding into near-term highs.

Friday’s last bullish push on USD selling may face new challenges in the upcoming trading week as traders grapple with a thin economic calendar which will be leaving broader markets exposed to swings in market sentiment as the US-China trade war continues to edge closer to a new level, with further tariffs being promised by both sides and little action seen at the negotiation table.

AUDUSD  Fundamental Highlights

Wednesday will be delivering Consumer Price Index figures for Australia, and the median market forecast is expecting a mild tick higher from 0.4% to 0.% for the headline q/q CPI reading for Q2 2018, but a lack of meaningful data before then will be seeing the AUD likely to be left in a weak position should wider fx markets resume bidding up the Greenback.

23 July AUDUSD Technical Analysis

With the pair hesitating at medium-term resistance and bulls lacking the conviction to push the AUDUSD past the 0.7450 level, traders should keep an eye out for a fresh bearish slant to market action to bring the Aussie back down against the US Dollar as fx markets continue to be dominated by moves in the Greenback.

Aussie bulls will be looking to mount a strong push from the 38.2% Fibo retracement level nearby, though a lack of momentum for the new week has the advantage going to sellers.

AUDUSD Chart, 15-Minute

Spot rate: 0.7426

Relative change: 0.16%High: 0.7436Low: 0.7414  

Trend: Flat to bearish

Support

Support 1: 0.7391 (38.2% Fibo retracement level)

Support 2: 0.7353 (common constraint level)

Support 3: 0.7317 (previous week low)  

Resistance

Resistance 1: 0.7440 (July 19th swing high)

Resistance 2: 0.7483 (July high)

Resistance 3: 0.7504 (R2 daily pivot)

Disclaimer

This article 23 July AUDUSD Technical Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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