AUD/USD outlook: Dips after less hawkish RBA, but larger bulls remain intact
|AUD/USD
AUDUSD eased from new multi-month high on Tuesday after the Reserve Bank of Australia kept rates unchanged in today’s policy meeting, but comments from Governor Bullock were less hawkish than expected and sidelined expectations for possible policy tightening.
The pullback was so far shallow, as Aussie is underpinned by higher commodity prices and diverging Fed/RBA monetary policies, suggesting that larger bulls are just taking a breather.
Strong positive momentum on daily chart and formation of daily Tenkan/Kijun-sen contributes to bullish scenario however, overbought conditions warn that the price action may hold in prolonged consolidation.
Initial supports lay at 0.6814/0.6790 zone, ahead of more significant supports at 0.6774/66 (Fibo 38.2% of 0.6622/0.6869 / rising 10DMA) which should keep the downside protected and maintain bullish structure.
Res: 0.6869; 0.6900; 0.6948; 0.6961.
Sup: 0.6814; 0.6790; 0.6766; 0.6745.
Interested in AUD/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.