AUDUSD Daily in consolidation mode
After a fall from mid July the AUD managed to recover some losses after hitting the 0.63487 - 0.64000 Support zone. The bulls tried but due a lack of momentum he 0.68245 Resistance level couldn't be broken bringing he pair to a consolidation mode. Last week the pair found a secondary Support level at 0.66266 pushing the bulls up again. The today's candle is showing a strong reaction which may lead to a re-test to the 0.68240 Daily resistance. The RSI is confirming this upward move heading to the 80 level.
On the Fundamental side the market expectations in regards to a possible FED interest rate cut(maybe this week) is just helping the AUD bullish momentum and the dovish RBA to keep the interest rates steady is just adding more gas to the AUD bullish momentum.
On the Fundamental side the market expectations in regards to a possible FED interest rate cut(maybe this week) is just helping the AUD bullish momentum and the dovish RBA to keep the interest rates steady is just adding more gas to the AUD bullish momentum.
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