FXstreet.com (Barcelona) - With Australia PPI figures for the 3Q out in about 1 hour at 00:30 GMT and eyes already focused on next week's RBA decision, Aussie is breaking higher last at 1.0412 against USD, off session and weekly highs just printed at 1.0419. No follow throw though in the commodity markets, with Barrik Gold, world's largest gold miner, reporting a 55% drop in profit according to sources, and gold price near day lows at $1716.
“The bullish tone is strong for the short term according to the hourly chart, as price pressures the 1.0410 immediate resistance level and top of latest day’s range: steady gains above will see the pair nearing 1.0500 over the upcoming sessions,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “if risk appetite remains strong and US data don’t disappoint.”
For a longer time frame: “In the 4 hours chart, a slightly bullish tone is also present, although technical readings remain in neutral territory;” Valeria says, expanding: “slides below 1.0360 will deny the possibility of more gains and expose the base of the range around 1.0300.” The analyst spots support levels at: 1.0380, 1.0350, and 1.0330, while resistance levels at: 1.0410, 1.0445, and 1.0480.
“The bullish tone is strong for the short term according to the hourly chart, as price pressures the 1.0410 immediate resistance level and top of latest day’s range: steady gains above will see the pair nearing 1.0500 over the upcoming sessions,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “if risk appetite remains strong and US data don’t disappoint.”
For a longer time frame: “In the 4 hours chart, a slightly bullish tone is also present, although technical readings remain in neutral territory;” Valeria says, expanding: “slides below 1.0360 will deny the possibility of more gains and expose the base of the range around 1.0300.” The analyst spots support levels at: 1.0380, 1.0350, and 1.0330, while resistance levels at: 1.0410, 1.0445, and 1.0480.
