Australian Dollar rebound fueled by rising Crude Oil prices AUDUSD Australia Technical Analysis Fundamental Analysis
AUD/USD trades in the lower 0.67s as the US session gets underway. The Australian Dollar repairs Friday’s losses on Monday, rebounding back up to the confluence of support and resistance around 0.6700, on the back of a rally in Crude Oil prices and a flat US Dollar.
The ISM gauges for the US manufacturing and services sectors will also be under the spotlight, given the data-dependence context highlighted by the Federal Reserve in its last meeting on July 26. Manufacturing PMI, meanwhile, beat expectations of 49.2 but only by one point, coming out at 49.3, from June’s 49.0.
Likewise, the 0.6458 low established in June is a key level for bears, which if breached decisively, would give theAustralian Dollar vs US Dollar: Weekly Chart With last week’s move down it is possible price may have completed a Measured Move pattern or three wave ABC correction , where waves A and C are of similar length. If so, it is not surprising Monday is showing a reversal higher, although for how long the up move will last, it is impossible to tell.
A break below the 0.6623 lows, however, would probably indicate a continuation down to 0.6600 and the June lows, after which a continuation down to the May lows at 0.6460, could be quite possible.
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