The AUD/USD pair dropped in the short term but now the sell-off seems over. It’s trading at 0.6821 at the time of writing far above today’s low of 0.6787. The bias remains bullish, despite temporary retreats. After its amazing growth, a temporary retreat was natural. The rate could test and retest the near-term support levels before jumping higher.
Fundamentally, the Chinese economic data came in mixed today. On the other hand, the US Empire State Manufacturing PMI came in at 1.1 points versus -3.5 points expected. Tomorrow, the Australian Monetary Policy Meeting Minutes and the US retail sales data could have a big impact on the AUD/USD pair. Furthermore, the Canadian inflation figures should move the markets as well.
AUD/USD 0.6828 Static Resistance!
As you can see on the H1 chart, the rate found support on the confluence area formed at the intersection between the 0.6806 and the upper median line (uml). It has registered only a false breakdown with great separation below these downside obstacles, signaling that the retreat could be over.
Technically, the immediate high of 0.6828 represents a static resistance. Now, it is challenging the 23% (0.6824) retracement level after failing to hit the weekly pivot point of 0.6780 or the 38.2% (0.6781) retracement level.
AUD/USD Outlook!
A bullish closure above 0.6828 activates further growth and is seen as a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The AUD/USD pair dropped in the short term but now the sell-off seems over. It’s trading at 0.6821 at the time of writing far above today’s low of 0.6787. The bias remains bullish, despite temporary retreats. After its amazing growth, a temporary retreat was natural. The rate could test and retest the near-term support levels before jumping higher.
Fundamentally, the Chinese economic data came in mixed today. On the other hand, the US Empire State Manufacturing PMI came in at 1.1 points versus -3.5 points expected. Tomorrow, the Australian Monetary Policy Meeting Minutes and the US retail sales data could have a big impact on the AUD/USD pair. Furthermore, the Canadian inflation figures should move the markets as well.
AUD/USD 0.6828 Static Resistance!
As you can see on the H1 chart, the rate found support on the confluence area formed at the intersection between the 0.6806 and the upper median line (uml). It has registered only a false breakdown with great separation below these downside obstacles, signaling that the retreat could be over.
Technically, the immediate high of 0.6828 represents a static resistance. Now, it is challenging the 23% (0.6824) retracement level after failing to hit the weekly pivot point of 0.6780 or the 38.2% (0.6781) retracement level.
AUD/USD Outlook!
A bullish closure above 0.6828 activates further growth and is seen as a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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