The AUD/USD pair is trading in positive territory above 0.6900. OCBC Bank Economists they expect the pair to extend its rise.
Maintain the trend of buying in the falls
“The bullish momentum is intact on the weekly chart, while the RSI rose. The weekly chart shows a possible cup and handle pattern, which is usually a bullish formation. The completion of the pattern places the target around 0.75/0.76 levels“.
“A short-term pullback is not ruled out, but the tendency to buy dips remains.”
“The key resistance is in 0.6920 (76.4% Fibonacci) and 0.7020 before 0.7150 (August maximum). The support is in 0.6840 (200-day SMA), 0.6760/70 (21-day SMA, 61.8% Fibonacci from August high to October low) and 0.6680 (50-day SMA).”
“In the medium term, we continue to buy the dips. Softer US data (raising hopes of Fed policy calibration) and positive developments in China should maintain AUD support.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
