AUD/USD Price Analysis: Struggles to gain near 0.6530, all eyes are on US PPI – by lilyfinancial AUDUSD Majors Technical Analysis
from Federal Reserve policymakers. The major pair currently trades around 0.6525, gaining 0.14% on the day.San Francisco President, Mary C. Daly, stated on Thursday that there is a lot more information to evaluate and that it is premature to project whether additional rate increases or a prolonged period of holding rates are required. This, in turn, caps the upside for the Aussie and acts as a headwind for the pair.
, due later in the American session. The figure is expected to rise from 0.1% to 0.7% YoY. Also, the University of Michigan Consumer Confidence Survey will be due in the American session.pair trades below the 50- and 100-hour Exponential Moving Averages with a downward slope on the four-hour chart, indicating that the path of least resistance for the pair is to the downside.
Any meaningful follow-through buying beyond 0.6540 could pave the way to the next resistance level at 0.6575. This level represents a confluence of the upper boundary of the Bollinger Band and the 50-hour EMA. A break above the latter will see the next upside stop at 0.662 , and finally the key barrier is seen at 0.6700 .
On the flip side, 0.6500 acts as the critical support level for the pair, portraying the lower limit of the Bollinger Band, a low of August 3, and a psychological round mark. Any intraday pullback below the latter would expose the next contention level at 0.6460 Further south, the next stop of the AUD/USD is located at 0.6400 .
It’s worth noting that the Relative Strength Index stands below 50, challenging the pair’s immediate downside for the time being.
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