FXstreet.com (San Francisco) - AUD/USD is consolidating in early Asia this Wednesday, bracketed between 1.0295 and 1.0317, last quoted near the top of the range, after an overnight rally sent the pair to new 8-day highs.
“Price may continue advancing as latest RBA Minutes showed the central bank is in no rush to cut rates, and resulted less dovish than expected,” says Valeria Bednarik, Chief Analyst at FXstreet.com. “ 1.0360, 61.8% retracement of this year fall is the key resistance level to overcome to see the pair confirming a midterm bullish trend.”
If the pairing manages to push higher in the global day ahead, Ms. Bednarik identifies levels of resistance at 1.0330, 1.0360 and 1.0400. The downside offers support at 1.0280, 1.0250 and 1.0220.
“Price may continue advancing as latest RBA Minutes showed the central bank is in no rush to cut rates, and resulted less dovish than expected,” says Valeria Bednarik, Chief Analyst at FXstreet.com. “ 1.0360, 61.8% retracement of this year fall is the key resistance level to overcome to see the pair confirming a midterm bullish trend.”
If the pairing manages to push higher in the global day ahead, Ms. Bednarik identifies levels of resistance at 1.0330, 1.0360 and 1.0400. The downside offers support at 1.0280, 1.0250 and 1.0220.
