AUD/USD Outlook (25 July 2022)
The AUDUSD climbs from the support level of 0.67 following RBA Gov Lowe's comments about expecting further interest rate increases as the RBA tries to stem inflation growth.
Price reached 0.6950 on Friday as the DXY weakened due to contractionary PMI data, before retracing to test the round number support of 0.69
With the hawkish AUD and dollar weakness expected to continue in the lead-up to the Federal Reserve rate decision on Thursday morning, look for further upside on the AUDUSD.
The next resistance level is at 0.7050 which also coincides with the resistance of the upward channel.
Price reached 0.6950 on Friday as the DXY weakened due to contractionary PMI data, before retracing to test the round number support of 0.69
With the hawkish AUD and dollar weakness expected to continue in the lead-up to the Federal Reserve rate decision on Thursday morning, look for further upside on the AUDUSD.
The next resistance level is at 0.7050 which also coincides with the resistance of the upward channel.
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