Weekly bias in the AUD/USD remains neutral after the greenback gained strength on speculations that the Central bank of U.S could begin to raise interest rates about six months after its bond-buying program winds up, which is expected to happen this fall.
The Fed also reduced its monthly bond purchases by an additional $10 billion to $55 billion at the conclusion of its two-day policy meeting, and said there was “underlying strength in the broader economy.”
However, the pair made a decent pull back giving the Australian dollar strength during Friday’s trading session in the previous week. The 4hours time-frame shows that the bulls are still in control as 21/55 EMA, Stochastic, RSI and MACD are still showing signs of bullish strength in the pair.
A break of resistance 0.91366 would see further rise to 0.92100 (50.0 Fibonacci retracement from 0.97544 to 0.86592). However a break of support 0.89943 could dampen the bullish trend in the pair and bring a minor decline to 0.89234 support.
Key economic indicators to watch out for in the U.S economy this coming week is the New Home Sales and CB Consumer Confidence respectively.
Related Posts
