The
AUD/USD pair is trading within
tight range today around 0.7400, having marked daily high at 0.7437 during the
Asian session. During the early trading hours the RBA meeting
minutes revealed that the next move on rates in Australia will likely be up, once the unemployment lowers and inflation marks growth. Meanwhile the US dollar is gaining strength ahead of US
federal Reserve’s chairman Jerome Powells testimony in Congress later on today.
Technically speaking the short term outlook remains neutral. On the four hour time frame the price is developing between its flat moving averages. RSI and stochastic are displaying bearish slopes slightly below their mid-lines and still remain far from extreme negative territories. According to above readings a risk of downward continuation will appear only is case of breaking the support at 0.7370 en route to next one at 0.7330. On the other hand bulls could get some love if pushing above the daily high and then next target will be offered by the resistance at 0.7490.
Technically speaking the short term outlook remains neutral. On the four hour time frame the price is developing between its flat moving averages. RSI and stochastic are displaying bearish slopes slightly below their mid-lines and still remain far from extreme negative territories. According to above readings a risk of downward continuation will appear only is case of breaking the support at 0.7370 en route to next one at 0.7330. On the other hand bulls could get some love if pushing above the daily high and then next target will be offered by the resistance at 0.7490.
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