AUD/USD
AUDUSD remains constructive and consolidating Tuesday’s 0.80% advance, as this morning’s RBNZ rate cut by 25 basis points negatively impacted Aussie dollar, but dips were limited, due to strong near-term bullish sentiment on revived risk appetite.
Technical studies are bullish on daily chart (rising positive momentum / MA’s turning to bullish setup) with strong bullish signals generated on close above converged 100/200DMA and penetration and close within rising daily cloud.
On the other hand, overbought conditions may further weigh on bulls, as markets await release of key US inflation data.
AUDUSD would benefit if CPI numbers fall below expectations, with extension towards targets at 0.6680 (daily cloud top) and 0.6692 (Fibo 76.4% of 0.6798/0.6348) in bullish scenario.
Conversely, above expectations July CPI would deflate AUD and risk extension through initial supports at 0.6613/0.6596 zone (daily cloud base / converged 100/200DMA’s).
Res: 0.6642; 0.6680; 0.6692; 0.6714.
Sup: 0.6613; 0.6596; 0.6573; 0.6555.
Interested in AUD/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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