AUD/USD H4 6 March 2024
AUD/USD maintains a steady stance amidst mixed market sentiment in Australia. The ongoing downtrend in the US Dollar offers a potential bullish push for AUD/USD, yet uncertainties surrounding the Chinese economy, a significant trade partner for Australia, present headwinds. While potential stimulus measures in China may offer temporary relief, the sustainability of economic conditions remains uncertain. Investors are urged to closely monitor further developments for trading signals.
AUD/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains in short-term since the RSI rebounded sharply from oversold territory.
Resistance level: 0.6535, 0.6570
Support level: 0.6485, 0.6450
AUD/USD maintains a steady stance amidst mixed market sentiment in Australia. The ongoing downtrend in the US Dollar offers a potential bullish push for AUD/USD, yet uncertainties surrounding the Chinese economy, a significant trade partner for Australia, present headwinds. While potential stimulus measures in China may offer temporary relief, the sustainability of economic conditions remains uncertain. Investors are urged to closely monitor further developments for trading signals.
AUD/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains in short-term since the RSI rebounded sharply from oversold territory.
Resistance level: 0.6535, 0.6570
Support level: 0.6485, 0.6450