Slobodan Drvenica
Windsor Brokers
AUDUSD
The pair regained strength and is back above daily Ichimoku cloud top, reinforced by Kijun-sen line that offers good support and holds today’s action. Fresh bulls came in play after yesterday’s wide-range trading that ended in Doji candle with very long legs.
However, mixed daily studies show no clear direction for now, with lift above 0.7576 (Fibo 61.8% of 0.7673/0.7419 downleg, required to firm the structure and shift focus higher.
Conversely, loss of cloud top support would soften the tone again and risk further extension of pullback from 0.7673 peak.
RBA’s policy meeting next week is the key event for the pair, with prevailing expectations for rate cut which would further dent pair’s structure.
Res: 0.7547; 0.7576; 0.7589; 0.7613
Sup: 0.7515; 0.7484; 0.7441; 0.7419
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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