24 July AUDUSD Technical Forecast: Pair weakens farther below 0.7400 handle


The AUDUSD pair remained under some selling pressure for the second consecutive session on Tuesday and weakened farther below the 0.7400 handle. What technical levels should traders watch? Find out with the following 24 July AUDUSD Technical Forecast.

24 July, GKFX – The pair once again failed to make it through the 0.7440 supply zone and was being capped by some renewed US Dollar buying interest at the start of a new trading week.

A jump in the benchmark 10-year US Treasury yields to a five-week high extended some support to the greenback and helped recover a part of its steep decline led by the US President Donald Trump’s comments last week.

Positive copper prices lend some support

The USD continued gaining positive traction through the Asian session on Tuesday and kept exerting some downward pressure on the major, albeit downside remained limited as investors remained mindful of Trump’s displeasure over the Fed’s monetary tightening. 

Adding to this, positive copper prices, which tend to underpin demand for the commodity-linked Australian Dollar, further collaborated towards limiting any deeper losses, at least for the time being. 

Traders might also refrain from placing any aggressive bets ahead of the quarterly Aussie consumer inflation figures, due for release on Wednesday, and hence, the pair seems more likely to enter a consolidation phase amid absent market moving economic releases from the US. 

24 July AUDUSD Technical Forecast

Immediate support is pegged near mid-0.7300s, below which the pair might head back towards testing six-week-old trading range support near the 0.7320-10 region.

On the flip side, any meaningful up-move back above the 0.7400 handle might continue to confront fresh supply near the 0.7440 region, which if cleared should pave the way for additional near-term up-move.

Disclaimer

This article 24 July AUDUSD Technical Forecast 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.

    Share Your Opinion, Write a Comment