Technical outlook:
AUDUSD bullish scenario:
In this pair we have technical figure Falling Wedge. The Falling Wedge has broken through the resistance line at 04/11/2020. Forming a bullish formation on a daily chart. If price holds above this level we will have possible bullish price movement with forecast for the next 6 days with target 0.72830. Our stop loss order should be placed at 0.69910 if we decide to enter this position.
Fundamentals:
- Australian macroeconomic data was slightly better than anticipated. Construction Index came in at 52.7 from 45.2 in the previous month. Also, September Retail Sales were upwardly revised from -1.5% to -1.1%. Australia will publish the September Trade Balance this Thursday, previously at 5114M.
- Rallying Wall Street provided support to the Aussie during US trading hours.
AUDUSD bullish scenario:
In this pair we have technical figure Falling Wedge. The Falling Wedge has broken through the resistance line at 04/11/2020. Forming a bullish formation on a daily chart. If price holds above this level we will have possible bullish price movement with forecast for the next 6 days with target 0.72830. Our stop loss order should be placed at 0.69910 if we decide to enter this position.
Fundamentals:
- Australian macroeconomic data was slightly better than anticipated. Construction Index came in at 52.7 from 45.2 in the previous month. Also, September Retail Sales were upwardly revised from -1.5% to -1.1%. Australia will publish the September Trade Balance this Thursday, previously at 5114M.
- Rallying Wall Street provided support to the Aussie during US trading hours.