AUDUSD

12:23, 24 June

Daily analysis

On Tuesday last week we covered the AUDUSD which finished the week moving solidly higher off the support level at 0.6850. Just in the week prior, the AUDUSD dropped sharply to its lowest levels for 2019 briefly pushing through any support that may have been present around 0.6850. It had enjoyed a solid few weeks rallying higher to a three week high poking its head just above 0.70, however it has now returned all of those gains and if it doesn’t maintain its recent rally, it could reverse and threaten the support at 0.6850 again.
The key 0.7050 level which ably supported the currency pair and more recently has provided resistance is likely to play a role again should prices rally a little more. Despite several attempts, the AUDUSD has been unable to move back above this level as it is now offering resistance and preventing it from returning to its range above 0.7050.