Australian Dollar Softens After Bull Run. Will AUD/USD Test Support Levels?

The Australian Dollar has eased lower to start Monday after a stellar rally last week that posted a 4-month peak. Rock solid jobs data revealed an unemployment rate of 3.6% and has opened the prospect of an RBA hike in a fortnight’s time. The interest rate market is pricing around a 50-50 chance of a 25 basis point lift at their monetary policy meeting on July 4th. It is a holiday in the US today and it may contribute to less liquid trading conditions. AUD/USD TECHNICAL ANALYSIS AUD/USD shot to a high just shy of 69 cents last week, not far from a prior peak of 0.6920. Those levels might offer resistance should the rally resume. Further up, resistance could be at the previous peaks of 0.7011 and 0.7030 ahead of a cluster zone in the 0.0.7137 – 0.7157 area. The run-up in the Aussie started after a Bullish Engulfing Candlestick formation emerged and proved to be a salient signal on this occasion. This technical indicator has previously been worthwhile watching and might be something to keep an eye on going forward. It should be noted though that past performance is not indicative of future results. On the downside, prior resistance levels between 0.6780 – 0.6820 might now become a breakpoint support area.

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