Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/ USD consolidating around 0.6600, bias is bullish

• AUD/USD consolidating around 0.6600  on Monday  as investors digested the latest Australia inflation report.

• The TD-MI Inflation Gauge rose 0.4% month-over-month in September, bouncing back from a 0.3% decline in August.

The rebound underscores indications that Q3 inflation could be higher than anticipated, even as the RBA aims to keep price growth within its 2–3% target range.

• Investors are focusing on this week’s speeches from RBA officials, which are expected to shed light on the central bank’s policy outlook.

•Technical signals are  strongly bullish as RSI is   at 53, daily momentum studies  5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 0.6698 (38.2%fib), any close above will push the pair towards 0.6751 (Sep 4th high).

• Support is seen at 0.6643(50%fib) and break below could take the pair towards 0.6586 (61.8%fib).

 Recommendation: Good to buy around 0.6600, with stop loss of 0.6520 and target price of 0.6670

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.