AUD Australian Dollar - Australian dollar continues to rebound
The trend of the Australian dollar against the US dollar. The chart shows that both the RSI and the stochastic index have recovered from the oversold area, which also supports the stabilization tendency of the Australian dollar to a certain extent. In addition, if it can clearly cross the 250-day moving average of 0.6640, it will further consolidate the rise of the Australian dollar. Trend, this indicator also found support in September. Calculated by the golden ratio, the rebound ranges of 23.6% and 38.2% are 0.67 and 0.6745, and the ranges extending to 50% and 61.8% are 0.6785 and 0.6820 levels. The biggest resistance is expected to be 0.6950 or even the 0.70 mark. Support levels are seen at 0.65 and the August low of 0.6346.
Estimated range:
Resistance 0.6640 - 0.6700 - 0.6785 - 0.6820 - 0.6950 - 0.7000
Supports 0.6500 – 0.6346
Highlights of the week:
November 5
Australia's central bank keeps policy rate unchanged at 12-year high of 4.35%
Bank of England says underlying inflation remains too high
Focus:
Thursday: Australia’s merchandise trade balance in September (08, 30)
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