Is AUD/USD Reversal Soon?
$AUD/USD(AUDUSD.FX$ Last week's Aussie bulls performed well defending the 0.6380 support level. This meant AUD/USD stopped creating lower highs and lower lows for the first time since falling below the 0.6900 mark in mid-July.
This is not surprising as AUD/USD is prepared to look bullishreverses？
Australia's better than expected retail sales reports and China's Ministry of Finance and the State Administration of Taxation boost the Chinese stock market by reducing stamp duty and lower margin requirements, may also support Australian dollar bulls.
Then it isPowell's speech at Jackson Hall, he said in the speech that he and his team would “act cautiously” with the next monetary policy change, which some traders thought would mean “not so hawkish” and slightly anti-dollar. It may also be difficult for AUD/USD to gain bullish momentum during the UK market release period.
AUD/USD continues above the 0.6490 resistance level overnight, consider buying. If bullish reversal is uncertain, consider retesting 0.6450 intermediate resistance level and 0.6490Trade in a long position at a resistance level.
The previous 0.6600 resistance zone may be a good profit target, but if there is enough power, it can also target the 0.6700 or 0.6740 zone of interest before.
This is not surprising as AUD/USD is prepared to look bullishreverses？
Australia's better than expected retail sales reports and China's Ministry of Finance and the State Administration of Taxation boost the Chinese stock market by reducing stamp duty and lower margin requirements, may also support Australian dollar bulls.
Then it isPowell's speech at Jackson Hall, he said in the speech that he and his team would “act cautiously” with the next monetary policy change, which some traders thought would mean “not so hawkish” and slightly anti-dollar. It may also be difficult for AUD/USD to gain bullish momentum during the UK market release period.
AUD/USD continues above the 0.6490 resistance level overnight, consider buying. If bullish reversal is uncertain, consider retesting 0.6450 intermediate resistance level and 0.6490Trade in a long position at a resistance level.
The previous 0.6600 resistance zone may be a good profit target, but if there is enough power, it can also target the 0.6700 or 0.6740 zone of interest before.
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