AUDUSD ascend halts after Fed reaffirms the market.
“Greenback climbs back up, while the market awaits more data from the United States.”
US dollar nursed its losses earlier today as recent comments from Federal Reserve official revived bull’s quiver to thrust forward one more time. Recently, the release of October’s CPI from the US has tempered market’s expectation towards the greenback after showing slight retreat from the peak. Nonetheless, Fed Governor Christopher Waller commented that the market should not get carried away over just one data alone. His comment suggests persistency in Fed to control inflation over a longer course of period rather than relying on short-term data outputs.
Quick recap on AUDUSD
The pair recovered substantially from the lower boundaries and re-entered into the descending channel.
AUDUSD Weekly Technical Analysis
From weekly perspective, recent rebound from the lower region may see the light of another extension due to strong support from the downside.
AUDUSD Daily Technical Analysis
From daily perspective, the pair suffered from slight pressure from the upside although overall bullish momentum remains intact.
Trading Idea
ORDER: BUY STOP
ENTRY: 0.6760
STOP LOSS: 0.6700
Target 1: 0.6820
Target 2: 0.6860
ZFX Analyst’s Comment
Overall, the pair is skewed towards the upside from long-term perspective, which will be confirmed once the nearest resistance level is conquered.
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