AUD/USD outlook: Aussie Dollar keeps bullish bias ahead of US inflation report

Slobodan Drvenica Windsor Brokers

AUD/USD

AUDUSD is trading within a narrow range on Tuesday morning but keeps slight bullish bias following Monday’s 0.5% advance and a positive signal on daily close above 0.6597 (100DMA / Fibo 61.8% of 0.6675/0.6480 bear-leg).

Aussie dollar was boosted by rise in iron ore, but markets are likely to reduce the speed until release of US inflation data on Wednesday, which will provide more information for the US central bank about the timing of the first rate cut and impact the dollar.

Immediate support lays at 0.6597, ahead of daily Kijun-sen (0.6574), which should hold and keep near-term bias with bulls, guarding lower pivot at 0.6552 (daily Tenkan-sen / broken Fibo 38.2%).

Initial resistances at 0.6623/34 (Fibo 76.4% / Mar 23 spike high) mark upper pivots, violation of which to expose key barriers at 0.6656/67 (daily cloud top / Mar 8 high).

Res: 0.6623; 0.6634; 0.6656; 0.6667.
Sup: 0.6597; 0.6574; 0.6552; 0.6524.

Interested in AUD/USD technicals? Check out the key levels

1. R3 0.6674
2. R2 0.6642
3. R1 0.6623
PP 0.6591
1. S1 0.6572
2. S2 0.654
3. S3 0.6522

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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