AUD/USD Price Analysis: Corrects from multi-month peak, bullish potential intact AUDUSD Recession Fed Technical Analysis Currencies
touched the previous day. Spot prices drop to a fresh daily low, around the 0.6860 region during the early North American session and for now, seem to have snapped a two-day winning streak.
A combination of factors assists the US Dollar to stage a goodish rebound from a seven-month low set on Monday, which, in turn, is seen weighing on the AUD/USD pair. A goodish pickup in the US Treasury bond yields, amid some repositioning trade ahead ofChair Jerome Powell's speech, acts as a tailwind for the buck.
From a technical perspective, the overnight positive move validated the post-NFP breakout through the 0.6890-0.6900 supply zone and the very important 200-day SMA. Adding to this, positive oscillators on the dailysupport prospects for the emergence of some dip-buying around the AUD/USD pair. Hence, any subsequent pullback is more likely to find decent support near the 0.6840 region . That said, a convincing break below might prompt some technical selling and set the stage for deeper losses.
The AUD/USD pair could then accelerate the accelerate the fall towards the 0.6800 mark. The latter should act as a strong base for the major, which if broken decisively will negate the near-term positiveand shift the bias in favour of bearish traders. The subsequent fall has the potential to drag spot prices towards the next relevant support near the 0.6725-0.6720 area en route to the 0.6700 round figure.
On the flip side, the 0.6900-0.6910 area should now act as an immediate strong hurdle ahead of the overnight swing high, around the 0.6945 region. Some follow-through buying should allow the AUD/USD pair to aim back to reclaim the 0.7000 psychological mark. The positive momentum could get extended further towards an intermediate resistance near the 0.7045-0.7050 zone en route to the 0.7100 round-figure mark.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD Price Analysis: Aims to conquer 0.7000 amid a cheerful market moodThe AUD/USD pair is displaying a sideways auction around the immediate hurdle of 0.6930 in the Asian session. The Aussie asset is expected to continue
Read more »
AUD/USD Price Analysis: Bears move in on key 0.6905 support structureAUD/USD is under pressure in Asia and is taking on a key structure as shown by the technical analysts below. First, taking a quick glance at the AUD/U
Read more »
AUD/USD Price Analysis: Stays defensive around 0.6900 inside bullish channelAUD/USD Price Analysis: Stays defensive around 0.6900 inside bullish channel AUDUSD Technical Analysis SwingTrading ChartPatterns SupportResistance
Read more »
AUD/USD clings to gains near multi-month top, comfortably above 0.6900 amid weaker USDAUD/USD clings to gains near multi-month top, comfortably above 0.6900 amid weaker USD – by hareshmenghani AUDUSD Fed Bonds RiskAppetite Currencies
Read more »
AUD/USD prints a new five-month high above 0.6900 as the USD remains offeredThe AUD/USD soars sharply above the 0.6900 figure on speculations that the US Federal Reserve (Fed) would pivot from tightening monetary conditions, s
Read more »
AUD/USD advances to near 0.6880 amid upbeat market mood, more upside seems favoredThe AUD/USD pair is expected to turn sideways after a juggernaut rally to near the crucial resistance of 0.6880. For further upside, more buying inter
Read more »