Australian Dollar came under continued pressure as home loan data confirmed a weakening in the housing industry and the commodity complex continued to fall. AUD/JPY did manage to eek out small gains. Looking ahead for Unemployment Rate is expected to rise to 4.3% in July with a employment change +1.25K.
Tech Outlook:
AUD is seen on a consolidation phase and is expected to trade in the range of 0.9050-0.9155 levels. With good support seen at 0.9040 levels and key resistance is seen at 0.9170 levels. Stochastic says Aussie is seen trading in a oversold territory and is expected to give a slight upward correction and Band analysis is also supporting the view.
AUD is seen on a consolidation phase and is expected to trade in the range of 0.9050-0.9155 levels. With good support seen at 0.9040 levels and key resistance is seen at 0.9170 levels. Stochastic says Aussie is seen trading in a oversold territory and is expected to give a slight upward correction and Band analysis is also supporting the view.
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