AUD/USD Outlook: strong rebound extends into second day and eyes key barriers
|AUD/USD
The Australian dollar extends strong recovery, which was sparked by unchanged RBA on Tuesday and approaches round-figure barrier at 0.6800 (also 21 Aug high) in European trading on Wednesday. Australian Q2 GDP data were released on Wednesday and came in line with expectations, adding to positive sentiment and further inflating the Aussie. Daily momentum broke into positive territory and 10/20MA's turned to bullish setup, supporting near-term action. Bulls cracked falling 30DMA (0.6785) with firm break here and 0.6800 barrier to open way for recovery extension towards 0.6820 zone (early Aug congestion tops) and 0.6831 pivot (Fibo 38.2% of 0.7082/0.6677 / 18 June former low), break of which is needed to generate initial reversal signal. Broken 20DMA (0.6761) and 10DMA (0.6748) mark pivotal support and only close below 10DMA would weaken near-term structure and signal recovery stall.
Res: 0.6800; 0.6820; 0.6831; 0.6880
Sup: 0.6772; 0.6761; 0.6748; 0.6706
Interested in AUD/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.