AUDUSD Stuck in Holding Pattern

AUD-USD

  • Buz Traders AUDUSD Stuck The pair is trading at 0.7667 at 09:40 GMT this morning, with the Australian Dollar trading 0.07% higher against US Dollar from the New York close.
  • This morning, the pair traded at a high of 0.7687 and a low of 0.7660. The Australian Dollar traded 0.14% higher against the US Dollar in the New York session yesterday,
  • with the pair closing the session at 0.7662.  The pair is expected to its find support at 0.7641 and its first resistance at 0.7690.

AUDUSD Stuck Outlook Mired by Triangle/Wedge Formation

AUDUSD deflates from highs

AUDUSD Stuck Even though AUD/USD outperforms against its commodity bloc. counterparts, the pair may continue to face a narrowing range in the month ahead as it remains stuck in the triangle/wedge formation from earlier this year, while the Relative Strength Index (RSI) preserves the bearish formation from late-June; need a break of trendline resistance in both price & the oscillator to favor a bullish outlook as especially as the aussie-dollar appears to have made a failed run at the September high (0.7732).

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Other Stories Buz Investors share

Under Governor Philip Lowe, it seems as though the Reserve Bank of Australia (RBA) will continue to endorse a wait-and-see approach at the next policy meeting on October 4 as the central bank head sees the economy ‘adjusting reasonably well to the unwinding of the biggest mining investment boom in more than a century,’ and the higher-yielding currency may continue to outpace its major counterparts over the near to medium-term amid the ongoing easing cycle in Europe as well as in the Asia/Pacific.

Will keep a close eye on the downside targets as AUD/USD fails to test the monthly opening range, with the first hurdle coming in around 0.7600 (23.6% retracement) followed by the Fibonacci overlap around 0.7530 (38.2% expansion) to 0.7560 (50% retracement).

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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