The AUDUSD is trading into 0.7430 after catching a bullish ride in Tuesday’s Asian market session. In the meantime, what should AUD traders expect? Find out with the following 31 July AUDUSD Technical Outlook.
31 July, GKFX – Building Permits figures spurred some fresh confidence in the AUD early on Tuesday, with m/m Building Permits for June clocking in at 6.4%, far above the 0.0% expected reading and reversing the previous month’s contraction of -3.2%.
Tuesday still has key US data to come down the pipe
Aussie traders have managed to push the AUDUSD further away from the latest lows, but remains constrained by last week’s peaks.
Mid-tier data continues to populate the economic calendar this week for the Aussie, but directional bias will be resting firmly in the hands of USD traders for the upcoming US Tuesday session, with US consumer spending figures expected at 12:30 GMT today.
31 July AUDUSD Technical Outlook
Aussie bulls have managed to push further beyond the key 0.7400 technical level, but the 0.7500 major barrier remains high above with recent swing highs drawing resistance from 0.7460.
AUD traders will be hoping for a negative showing for the upcoming US consumer spending figures to force a decline in the US Dollar and help the AUDUSD price in a firmer floor above 0.7400.
AUDUSD Chart, 15-Minute
Spot rate: 0.7430
Relative change: 0.37%
Support 1: 0.7401 (current day low)
Support 2: 0.7369 (Friday low)
Support 3: 0.7358 (previous week low)
Resistance 1: 0.7463 (previous week high)
Resistance 2: 0.7483 (one month high)
Resistance 3: 0.7516 (R2 weekly pivot)
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