AUD rally stalls ahead of key US PCE inflation report
The Australian dollar’s rally has met its match around a key resistance area, which includes the January trendline and Q3 open price. A 2-bar reversal formed on Wednesday, following RSI reaching overbought the day prior. And as the US dollar has weakened on bets on Fed cuts ahead of a key PCE inflation report, I suspect there may be some disappointment and the potential for a USD dollar bounce.
This is why we’re looking for some mean reversion and towards the 0.6570 at a minimum (near its 200-day EMA) or support around 65c.
Bears could seek to fade into low volatility retracements within Wednesday’s range, while prices remain beneath Wednesday’s high.
This is why we’re looking for some mean reversion and towards the 0.6570 at a minimum (near its 200-day EMA) or support around 65c.
Bears could seek to fade into low volatility retracements within Wednesday’s range, while prices remain beneath Wednesday’s high.
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