FxWirePro: AUD/USD consolidates near fresh ten-month highs of 0.7784, Stevens speech awaited
AUD/USD pair regained momentum and hit fresh 10-month highs at 0.7784 despite dovish RBA minutes. The central bank of Australia displayed an optimistic view on the economy, while slightly talking down on the AUD level an…
AUD/USD pair regained momentum and hit fresh 10-month highs at 0.7784 despite dovish RBA minutes.
The central bank of Australia displayed an optimistic view on the economy, while slightly talking down on the AUD level and left more scope for easing in the upcoming months.
Broad based US dollar weakness also supporting the pair, AUD/USD keeps gains and consolidates near fresh highs.
Technicals point further gains. RSI is strong at 65 with further room to run, pair is trading well above daily cloud and major moving averages point north.
The pair has broken strong channel top resistance at 0.7770 on the daily charts, close above will see further upside to 0.7800. Next hurdle is located at 07850/66 (June 2015 high/ weekly).
On the flip side, immediate support is located at 0.7718 (5-DMA), 0.77 and then 0.7680 (April 15th lows).
Markets await US housing data and RBA Stevens speech scheduled later in the day, for further direction on the prices.
Recommendation: Good to buy dips around 0.7770/75, SL: 0.7720, TP: 0.78/0.7850
