AUD/USD buyers back in near-term control but more work needs to be done

Technical Analysis

Author: Justin Low | audusd

AUD/USD moves back above the key hourly moving averages

AUD/USD H1 15-08
The pair continues to keep away from holding a close below the January flash crash low and the more solid employment report earlier is giving the aussie a boost so far today.

The jump earlier saw AUD/USD move back above the key hourly moving averages as buyers seize back near-term control of the pair.

However, unless they can work their way towards a break of near-term resistance around 0.6819, there is still little to be optimistic about.

For now, RBA cash rate futures are showing just ~23% odds of a 25 bps rate cut by the central bank in September. At the start of the week, those odds were sitting at about ~50%.

That hints that there is still some potential for the aussie to gain in the near-term provided the RBA doesn't act in their coming meeting.

However, the technical picture doesn't lie either and for buyers to find an extension to the upside, more work needs to be done (need to break above 0.6819 swing region).

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose