FxWirePro: AUD/ USD rebounds, critical resistance lies ahead

• AUD/USD rose sharply on Thursday as gains were fueled by a hawkish outlook from the Reserve Bank of Australia and growing optimism over potential stimulus measures in China.

• Australia's top central banker said on Thursday it was hard to judge the inflation implications of the U.S. election for Australia at this stage, but policymakers would be watching closely and responding as necessary.

• Reserve Bank of Australia Governor Michele Bullock said the central bank had not yet changed its outlook for inflation, which is only expected to return to its target band sustainably in 2026..

• At GMT 14:36, the pair   was trading   up  at  1.37 % at 0.6655, its highest since 24th Oct.

•  Immediate resistance is located at 0.6671 (50%fib), any close above will push the pair towards 0.6723(61.8%fib).

• Support is seen at 0.6613(38.2%fib) and break below could take the pair towards 0.6589(5SMA).

Recommendation: Good to by around 0.6650, with stop loss of 0.6400 and target price of 0.6720