AUDUSD Targeting A Test of .6887
Technical & Trade View
AUDUSD
Trade View
Bias: Bullish Above Bearish below .6560
Technicals
Primary support is .6560, watch for bullish reversal patterns here
Primary upside objective .6887, .6930/50 in extension
Next pattern confirmation, acceptance above .6740
Failure below .6550 opens a test of .6500
20 Day VWAP bullish, 5 Day VWAP bearish
Institutional Insights
Analysts at Credit Agricole note ‘While the Australian economy remains strong, the RBA believes it can be less aggressive than the Fed as Australia is not experiencing a wage-price spiral like the US. A falling Australian-US rate differential along with China’s weak growth will keep the AUD under downward pressure in the coming 3-6M. A soft economic landing locally and globally and recovery in China’s growth improve AUD/USD’s prospects from mid-2023 onward’
AUDUSD
Trade View
Bias: Bullish Above Bearish below .6560
Technicals
Primary support is .6560, watch for bullish reversal patterns here
Primary upside objective .6887, .6930/50 in extension
Next pattern confirmation, acceptance above .6740
Failure below .6550 opens a test of .6500
20 Day VWAP bullish, 5 Day VWAP bearish
Institutional Insights
Analysts at Credit Agricole note ‘While the Australian economy remains strong, the RBA believes it can be less aggressive than the Fed as Australia is not experiencing a wage-price spiral like the US. A falling Australian-US rate differential along with China’s weak growth will keep the AUD under downward pressure in the coming 3-6M. A soft economic landing locally and globally and recovery in China’s growth improve AUD/USD’s prospects from mid-2023 onward’
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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