Technical Overview of AUD/USD, GBP/USD and USD/JPY Currency Pair
AUD USD
AUD traded lower against USD and closed at 0.6756.
- AUD/USD remains upbeat as the RBA renounce from the policy change.
- The central bank stepped back from suggesting further rate cuts.
- Trade/political news will be followed for fresh impulse.
According to the report of The Reserve Bank of Australia (RBA), there will be no change in the monetary policy, offers a 1.0% interest rate. The central bank avoid from supporting further rate cuts while leaving the door open based on future growth conditions. Earlier during the day, upbeat trade balance data for June also pleased Aussie buyers.
According to the Analysis, pair is expected to find support at 0.678 and a fall through could take it to the next support level of 0.677. The pair is expected to find its first resistance at 0.6797 and a rise through could take it to the next resistance level of 0.6803.
GBP USD
GBP traded higher against USD and closed at 1.2143.
· GBP/USD stays on defensive 100 hour exponential moving average.
· 4-day old support-line seems immediate rest ahead of 1.2080.
According to the Analysis, pair is expected to find support at 1.2101 and a fall through could take it to the next support level of 1.2057. The pair is expected to find its first resistance at 1.2189, and a rise through could take it to the next resistance level of 1.2233.
USD JPY
USD traded higher against JPY and closed at 105.9500.
The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative.
Previous reading for Gross Domestic Product was 0.6%.
Expected GDP is 0.1%.
According to the Analysis, pair is expected to find support at 106.43 and a fall through could take it to the next support level of 106.17. The pair is expected to find its first resistance at 107.02, and a rise through could take it to the next resistance level of 107.36.