AUD/USD outlook: Extended recovery attacks key resistance zone again
AUD/USD
Strong rally extends into fourth consecutive day and retests pivotal barriers at 0.6526/29 (converged 200/55DMA’s) which capped attack previous day.
Fresh strength offsets for now bearish signal on formation of daily inverted hammer candlestick on Wednesday, left after upside rejection and subsequent pullback.
Aussie dollar was boosted by hotter than expected Australia’s inflation and keeps bullish sentiment, however, reaction at key barriers at 0.6526/36 zone (converged 200/55DMA’sc / Fibo 61.8% of 0.6644/0.6362 bear-leg) is likely to define near-term direction.
Daily studies show overbought stochastic and 14-d momentum still in the negative territory, which may negatively impact near-term action, with repeated failure to clear pivotal barriers, to add to warnings about possible recovery stall.
On the other hand, daily cloud is above the price and twists next week that might be magnetic.
Markets await release of key US economic data today (GDP) and on Friday (PCE) expecting more details about the condition of the US economy and inflation and fresh signals about Fed’s next steps on monetary policy.
Res: 0.6536; 0.6552; 0.6571; 0.6585.
Sup: 0.6500; 0.6469; 0.6453; 0.6428.
Interested in AUD/USD technicals? Check out the key levels
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.