Blog post

​Technical Analysis: AUDUSD fails to cross short-term resistance despite RBA rate cut

Despite the broad US dollar weakness weighing over the RBA's rate cut, AUDUSD fails to conquer the short-term resistance trend line, around 0.6565 now. Market players now await details of the G7 financial leaders' conference call, at 12:00 GMT, for fresh impulse. Even if no major stimulus is expected from the leading economies, US President Trump's like for a rate cut might be justified and can trigger the Aussie upside on the decision, if any. In doing so, the pair will head towards 61.8% Fibonacci retracement level of 0.6640. Though, lows marked during early- February around 0.6650/55 will question the bulls afterward.

On the downside, a clear break below 0.6500 could recall Friday's low surrounding 0.6430. Further, pair's additional weakness past-0.6430 can avail 61.8% Fibonacci Expansion (FE) level of 0.6370 as an intermediate halt prior to challenging early-2008 lows near 0.6285/80.

Our awards

award1 award2 award3 award4