Sun, Feb 05, 2023 @ 16:57 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: AUDUSD Extends Weakness After RBA Minutes

Technical Outlook: AUDUSD Extends Weakness After RBA Minutes

The Aussie dollar extends weakness on Tuesday and hit fresh one-month low at 0.7824, on probe below daily Kijun-sen support (0.7834). Recovery of the greenback and release of RBA minutes overnight, contributed to fresh weakness of Australian dollar. RBA is likely to keep rates on hold for some time and said that higher AUD could lower inflation and economic growth. Fresh bears found footstep just above 50% retracement of 0.7571/0.8065 rally at 0.7818 but daily techs turning into bearish setup see risk of further weakness. Break below 0.7818 could trigger extension towards 0.7760 (Fibo 61.8% of 0.7571/0.8065). Session high at 0.7876 marks initial resistance, ahead of more significant falling 10 SMA (currently at 0.7900) which is expected to limit upside attempts.

Res: 0.7876, 0.7900, 0.7930, 0.7948
Sup: 0.7818, 0.7760, 0.7719, 0.7688

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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