(VIANEWS) - The AUD/USD pair has found temporary support around 0.6720 in the Asian session. The Aussie asset is consistently declining from the past week as the US Dollar Index (DXY) makes a solid comeback amid hopes of one more interest rate hike from the Federal Reserve (Fed).
As reported by FXStreet, s&P500 futures are demonstrating a choppy performance amid a cautious market mood ahead of Fed policy. The US Dollar Index is showing a non-directional performance marginally above 101.00, preparing a fair battleground ahead of an interest rate decision by the Fed. But before that, preliminary United Stated S&P PMI data for July will be keenly watched.
AUD/USD (AUDUSD) has been up by 0.93% for the last 10 sessions. At 06:07 EST on Monday, 24 July, AUD/USD (AUDUSD) is $0.67.
Aud/usd price analysis: bounces off immediate support line towards 0.6750 ahead of US PMI
Apart from the short-term falling support line, the nearly oversold RSI (14) line also underpins bullish bias about the AUD/USD pair. , On the flip side, a downside break of the aforementioned immediate support line, close to 0.6715 by the press time, will need to break the 61.8% Fibonacci retracement level of around 0.6710, also known as the golden ratio, as well as the 0.6700 round figure to please AUD/USD bears.
Aud/usd finds intermediate support above 0.6700 ahead of US PMI and aussie inflation
The AUD/USD pair has found temporary support around 0.6720 in the Asian session.
Aud/usd forex signal: 0.6700 to provide crucial support - 24 July 2023
The AUD/USD price retreated last week even after the relatively robust jobs numbers from Australia. , The AUD/USD exchange rate continued slipping last week even after the strong Australian jobs data.
AUD/USD's yearly highs and lows, it's 9.165% up from its 52-week low and 8.459% down from its 52-week high.
Volatility
AUD/USD's last week, last month's, and last quarter's current intraday variation average was a negative 0.30%, a positive 0.10%, and a positive 0.56%, respectively.
AUD/USD's highest amplitude of average volatility was 0.39% (last week), 0.65% (last month), and 0.56% (last quarter), respectively.
Forex Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, AUD/USD's Forex is considered to be overbought (>=80).
Previous days news about AUD/USD (AUDUSD)
- Aud/usd bears approach 0.6700 on mixed Australia pmi, focus on US data, fed for clear directions. According to FXStreet on Sunday, 23 July, "Hence, the last improvement in the US Retail Sales appears less convincing and hence this week's top-tier US data, as well as the Fed monetary policy meeting announcement, will be crucial for clear directions of the AUD/USD pair. ", "However, the broad US Dollar strength, backed by upbeat US data and preparations for this week's Fed meeting weighed on the AUD/USD price."
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