Currently, AUD/USD is testing the strong support at 0.6465, with the price sitting at 0.64990. After touching this support level, the market could rebound strongly due to the solid consolidation trend and support from lower levels.
Technical Analysis:
The chart shows that AUD/USD is in a consolidation pattern, with strong support at 0.6465. If the price maintains above this support, AUD/USD could continue its bullish momentum, aiming for the next resistance level at 0.6540.
News Factor:
The weaker-than-expected CPI (Consumer Price Index) data in the U.S. has increased the likelihood that the Federal Reserve (Fed) will cut interest rates in December. This provides favorable conditions for risk assets like AUD/USD. The Australian Dollar benefits from the weakening USD as investors expect the Fed to reduce rates, boosting demand for the Australian Dollar.
Next Scenario:
If AUD/USD stays above the 0.6490 support level and does not drop below 0.6465, there is a high probability of breaking the 0.6540 resistance level and continuing upward.
Technical Analysis:
The chart shows that AUD/USD is in a consolidation pattern, with strong support at 0.6465. If the price maintains above this support, AUD/USD could continue its bullish momentum, aiming for the next resistance level at 0.6540.
News Factor:
The weaker-than-expected CPI (Consumer Price Index) data in the U.S. has increased the likelihood that the Federal Reserve (Fed) will cut interest rates in December. This provides favorable conditions for risk assets like AUD/USD. The Australian Dollar benefits from the weakening USD as investors expect the Fed to reduce rates, boosting demand for the Australian Dollar.
Next Scenario:
If AUD/USD stays above the 0.6490 support level and does not drop below 0.6465, there is a high probability of breaking the 0.6540 resistance level and continuing upward.
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LEVEL UP YOUR TRADING
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Signals & setups to boost your edge
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👉t.me/+aoROTvcQl3k4MzA1
Signals & setups to boost your edge
Free trading plans to follow
Real-time market insights
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.