• AUD/USD eased slightly but remained close to multi-month highs, supported by significant Chinese stimulus and rising commodity price.
• Australian dollar is also supported a stable rate outlook from the Reserve Bank of Australia (RBA) this week.
• The AUD/USD eased slightly to $0.6878 , having rallied 1.1% overnight to as high as $0.6904.
•The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains
• Immediate resistance is located at 0.6890(23.6%fib), any close above will push the pair towards 0.6922(Higher BB).
• Support is seen at 0.6827 (38.2%fib) and break below could take the pair towards 0.6798(Sep 23rd low).
Recommendation: Good to buy around 0.6870, with stop loss of 0.6780 and target price of 0.6950.
