3 August AUDUSD Technical Analysis: Bulls struggling to regain 0.74


The AUDUSD is trading into 0.7375, seeing a mild recovery from recent lows after a better-than-expected showing for Aussie Retail Sales. What can traders expect next as US NFP report drops today? This and more are highlighted in the following 3 August AUDUSD Technical Analysis.

3 August, GKFX – Australia’s Retail Sales figures for June came in at 0.4%, not an overly impressive figure, and hanging onto the previous period’s reading, though the release did beat market forecasts of 0.3%.

What Will Drive The Markets Today?

The AUDUSD ticked into recent lows this week after Aussie trade balance figures showed lopsided declines in imports and exports, but the improved Retail Sales figures from early Friday are helping give the Aussie a last-minute leg up before the US Non-Farm Payrolls jobs report drops on markets at 12:30 GMT.

The Aussie has been trapped in rough consolidation for much of July’s trading, and the pair is heading into August’s action resuming the trend, though a strong pop for the Greenback on the upcoming US NFP report could see the Aussie dipping into new lows for 2018.

3 August AUDUSD Technical Analysis

The Aussie is seeing a brief pick-up off of recent lows near 0.7350, but with traders looking towards the US NFP report market action to cap off the week rests firmly in the hands of Greenback traders, though further downside still requires Aussie shorts to break through the lower end of July’s consolidation range.

AUDUSD Chart, 15-Minute

Spot rate: 0.7371

Relative change: 0.19%

High: 0.7372Low: 0.7356  

Trend: Bearish  

Support

Support 1: 0.7354 (current week low)

Support 2: 0.7317 (four-week low)

Support 3: 0.7280 (S3 daily pivot)  

Resistance

Resistance 1: 0.7387 (38.2% Fibo retracement level)

Resistance 2: 0.7440 (current week high)

Resistance 3: 0.7463 (July 25th swing high)

Disclaimer

This article 3 August 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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