AUD/USD Rallies Back

The US dollar continues downward as the market rules out a 50 basis point hike next month. The pair has recouped most of the losses from last week’s sell-off after bouncing off 0.6870 which coincides with the 20-day moving average. This is a sign that the directional bias has remained upward despite a speed bump. Momentum buyers may double down if the aussie closes above 0.7060, putting the August high of 0.7130 in the crosshairs. As the RSI retraces into neutral territory, 0.6950 is a fresh level to expect follow-up bids.

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