Created
: 2024.08.27
2024.08.27 20:45
Rally in Australian Dollar (AUD) over the last few weeks came on the back of hawkish RBA remarks, broadly softer USD, riskon sentiment and higher iron ore prices, OCBC FX strategists Frances Cheung and Christopher Wong note.
"But the rise has met resistance at near 0.68 (the high for the year). Pair failing to break above it for the second time forms an interim double-top. Last seen at 0.6780. Bullish momentum on daily chart intact but RSI eased from near overbought conditions. Corrective pullback is not ruled out for now."
"Geopolitical risks may undermine sentiments Support seen at 0.6730 (23.6% fibo), 0.6640/50 levels (38.2% fibo retracement of 2023 low to 2024 high, 50 DMA). Resistance at 0.6799 (double top). Break-out should see AUD bulls regain momentum to test 0.6870 levels."
Created
: 2024.08.27
Last updated
: 2024.08.27
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy