AUD - The Australian dollar bottoms out and rebounds, continuing its upward trend

The Australian dollar against the U.S. dollar hit bottoms near 0.6350 many times at the beginning of the month without breaking through. Furthermore, the chart shows that the RSI and stochastic index are recovering. It is expected that the Australian dollar against the U.S. dollar has shown a tendency to bottom out and rebound. Calculated by the golden ratio, the rebound range of 38.2% is 0.6560. If it extends to 50% and 61.8%, it will be 0.6625 and 0.6690 levels; the later key resistance is estimated to be 0.6820. As for the support below, refer to 0.6350 first, and further to 0.6270 and even the low of 0.6170 in October 2022, which mainly points to the psychological mark of 0.60.
Forecast range:
Resistance 0.6560 – 0.6625 – 0.6690
Support 0.6350** – 0.6270 – 0.6170* – 0.6000*

Highlights of the week:
September 19/
Reserve Bank of Australia meeting minutes: Considered raising interest rates in September, but wants to evaluate the effects of previous interest rate hikes

Friday: Australia September PMI (07:00)




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