What’s the technical outlook for AUD/USD in July?
Right here is their view, courtesy of eFXdata:
Financial institution of America International Analysis discusses AUD/USD technical outlook and flags a scope for topping sample within the making.
“In G10, we predict AUD/USD stays susceptible to a deeper correction. Robust resistance across the .70 space has held. An preliminary decline has occurred that broke under a development line because the BBDXY bounced. MACD has crossed bearish and RSI continues to be pointing decrease. We favor tactically bearish AUD/USD trades particularly within the .6850-.70 space because the 200d at .6666 and/or the 38.2% retracement at .6470 might be seen,” BofA notes.
“What we don‘t have, and want we did to extend conviction, is a proper prime sample comparable to a double prime. Because of this we most popular to promote into .70 space this month and foresee a July correction. Ought to new YTD highs happen then a surge to the higher inexperienced line within the .72s might happen,”BofA provides.