AUD/USD: Break-out soon? – OCBC
Source Fxstreet
Australian Dollar (AUD) fell post-dovish RBA yesterday. AUD last at 0.6445 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Daily momentum is not showing a clear bias for now
"But the decline was also somewhat restrained, likely due to a softer USD trend. As much as domestic policy matters, external developments can also more than offset. A somewhat more constructive risk backdrop (i.e. China optimism, etc.) alongside bearish dollar trend should see still be supportive of AUD view."
"Daily momentum is not showing a clear bias for now. Immediate resistance at 0.6460 (200 DMA), 0.6550 (61.8% fibo retracement of 2024 high to 2025 low). Break out should open room for further upside. Support at 0.6420 (21 DMA), 0.6340 (50DMA)."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
After coming close to the $120,000 price mark a few days ago, Bitcoin’s price faced notable bearish pressure, causing the flagship asset to fall back to $116,000.
The Gold price (XAU/USD) trades in negative territory near $3,285 during the early Asian trading hours on Friday.
The Japanese Yen (JPY) touches a fresh four-month low against its American counterpart during the Asian session on Friday and seems vulnerable to weaken further.
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Friday.
Markets turn quiet early Friday as investors assess the latest headlines surrounding the United States' (US) trade regime, while gearing up for the July employment report.
