AUD/USD: Pullback found support at 50DMA – OCBC
|Australian Dollar (AUD) managed to claw back earlier losses as USD backpedalled on comments from Fed’s Waller. AUD was last at 0.6518, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Mild bearish momentum observed
"Earlier, there was downside surprise to AU labour market data – unemployment rate rose to 4-year high, employment change was +2k (vs. +20k expectations) while full time fell again -38.2k. Markets added to RBA rate cut profile -65bps for remainder of the year (vs. -56bps) while market continues to expect RBA to cut at the next MPC on 12 August.
"Mild bearish momentum observed but RSI rose modestly. 2-way trades; bias to buy dips. Resistance at 0.6530/50 levels (21 DMA, 61.8% fibo), 0.66 levels. Support at 0.6480 (50 DMA), 0.6420 (50% fibo retracement of 2024 high to 2025 low)."
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.