Friday’s upbeat
statement of the Reserve Bank
of Australia (RBA) uplifted the AUD/USD. The pair escaped
from the lower register of 0.76 handle and rallied towards 0.7690. As the pair is now back to the key resistance
at 0.7700, a clear break above will open doors for testing next one at 0.7777
(November 8th high). Looking downwards first support is located at
0.7656 (today’s low) and next at 0.7640. On the daily chart the 20-day SMA is
displaying strong bullish momentum. Both RSI and Stochastic are showing extremely
overbought conditions but yet displaying lack of momentum. However, the price has
now settled in the 0.7600 – 0.7700 range and most possible will extend its sideway movement.
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