The Australian dollar held steady against its U.S. counterpart on Tuesday, after the release of disappointing Australian house price data and as demand for the greenback remained broadly supported. AUD/USD hit 0.7694 during late Asian trade, the session low; the pair subsequently consolidated at 0.7732. The pair was likely to find support at 0.7641, the low of June 17 and resistance at 0.7799, Monday’s high. Earlier Tuesday, the Australian Bureau of Statistics said that its house price index rose 1.6% in the first quarter, disappointing expectations for an increase of 2.3%. The change in house prices in the last three months of 2014 was revised to a 2.0% gain from a previously estimated 1.9% rise. Separately, data showed that the China HSBC Flash Manufacturing Purchasing Managers’ Index rose to 49.6 in June from 49.2 the previous month, remaining in contraction territory for the third consecutive month.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5765 TARGET 1.5785 1.5815 SL 1.5735
SELL GBP/USD BELOW 1.5700 TARGET 1.5680 1.5650 SL 1.5720
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