FxWirePro: AUD/CAD struggles to extend previous session's gains, retrace below 5-DMA to see more weakness
FxWirePro: AUD/USD extends bounce off 110-EMA support, selling pressure surrounding the greenback supports
FxWirePro: AUD/USD extends marginal gains, consolidates previous weeks' losses as Aussie catches fresh bids after Westpac pushes back RBA rate cut call
AUD/USD chart - Trading View
AUD/USD attempts to snap 6-day losing streak, ekes marginal gains at the week's beginning.
Aussie catches fresh bids after Westpac, Australia's major bank pushes back RBA rate cut forecast to November from October.
Westpac now expects the Reserve Bank of Australia (RBA) to cut the benchmark interest rate to a new record low of 0.1% from the current 0.25% in November.
The major consolidates previous weeks' losses. After posting a record loss in nearly 6-months, the pair was trading 0.47% higher at 0.7057 at around 04:15 GMT.
Price action has bounced off major support at daily cloud base and 110-EMA. Further weakness only on break below.
Immediate resistance lies at 5-DMA at 0.7073. Decisive break above will see further upside. Bullish continuation likely above 21-EMA.