Daily Price Outlook
During the Asian trading session, it reached a nearly three-week high. However, spot prices have slightly declined in the past hour and are currently trading near the 0.6720 level, still maintaining a gain of over 0.50% for the day.
The continuous decline in the value of the US Dollar (USD) for the past five days, fueled by rumors of the Federal Reserve (Fed) concluding its rate-hiking cycle, has been a significant positive for the AUD/USD pair.
Furthermore, a generally positive market sentiment has contributed to pushing the safe-haven dollar to a two-month low, providing support to the risk-on Australian dollar.
Nonetheless, with the upcoming release of US consumer inflation data during the early North American session, cautiousness prevails among bulls, resulting in restrained trading activities.
AUD/USD Price Chart – Source: Tradingview
AUD/USD - Technical analysis
The AUDUSD pair starts today's trading session with strong positive momentum, distancing itself from the 0.6665 level. This reinforces the expectation of a continued bullish trend on an intraday basis, with a target of 0.6780 being the main focus.
Upon closer analysis of the chart, we observe the completion of a double bottom pattern, which suggests the potential for the price to surpass the mentioned level and achieve further gains, targeting 0.6850, followed by 0.6924.
Consequently, we anticipate a predominance of bullish sentiment in the upcoming sessions, contingent on the price remaining stable above 0.6665.
The expected trading range for today is projected to be between the support level at 0.6690 and the resistance level at 0.6790.
Overall, the outlook for today's trend is bullish.
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