Aussie View

by Ashraf Laidi

Jul 3, 2024 17:14

The Australian dollar is the 3rd highest performing currency in the G10 so far this yearm behind USD and GBP. Following stronger than expected Aussie retail sales overnight and today's unexpected drop in US Services ISM back to contraction territory, AUDUSD is having a field day. The DAILY chart (on the right) shows a sharpp break of the trendline resistance starting from the May 16 high. As long as AUDUSD closes the day above 6710, the path remains clear for the next target resistance at 6870. Tomorrow is a holiday in the US, but Friday will release the latest NFP/Unemployment Rate report for June, which can be highly instrumental in triggering a break of 6800 in AUDUSD and a print of 2390 in XAUUSD. This would especially be the case if US 10 yr yields drop below 4.24/25%.

 

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