AUD/USD (current price: 0.7426)
The Aussie continued to show bullish signs, as it rose above a crucial resistance, at 0.74 to confirm the underlying bullish trend. The currency has rebounded well from the lows it hit after the surprise rate cut by the RBA in May. New Home Sales declined for the second month in a row in Australia, but investors are not yet worried about the housing market that has been a major element of growth recently in the country. The slight dip in the USD also helped the pair that is now only 200 pips away from a new rally high.
Our assessment: AUD/USD still looks bullish with strong support zones at 0.74 and 0.7285, and the, now rising, 200-day moving average at 0.7280.
