AUDUSD drops to a three-week low early Monday while printing a six-day losing streak as the People’s Bank of China (PBoC) announced a surprise rate cut. The Chinese central bank’s action pushed the Aussie pair to confirm a 3.5-month-old rising wedge bearish chart formation. However, the 50-SMA support of 0.6670 challenges the sellers of late. That said, the...
AUDUSD remains on the front foot while printing the first daily gains in five after strong Australian employment data. The pair’s latest upside also justifies the upward-sloping RSI line, not oversold, as well as the bullish bias of the MACD signals. With this, the quote is likely to extend the north run toward May’s peak of around 0.6820 ahead of targeting the...
AUDUSD prods three-week uptrend after RBA Minutes and PBOC rate cut impresses bearish ahead of Fed Chair Powell’s Testimony. Also favoring the odds of a pullback in the Aussie pair is the nearly overbought RSI and concerns about hearing hawkish words from Fed Chair Powell. However, a clear downside break of a three-week-long rising trend channel becomes necessary...