Australian Greenback (AUD) prolonged its transfer increased, in a gradual method. Pair was final at 0.6536 ranges, OCBC’s FX analysts Frances Cheung and Christopher Wong notice.
Fed reduce continues to underpin a conducive surroundings for AUD bulls
“Upside shock to the labour market report was the newest catalyst whereas a softer USD, and expectations for Fed reduce proceed to underpin a conducive surroundings for AUD bulls.”
“Full time employment printed 60.5k (vs. 38.2k prior) whereas headline of 24.5k was largely in step with expectations. We reiterate that ‘cautious and gradual’ tempo of charge reduce stays the coverage stance for RBA and that RBA is reducing charge from a place of stability not misery. ”
Bias stays to purchase dips, not chase rally. Day by day momentum turned delicate bullish whereas RSI rose. Resistance right here at 0.6560, 0.66 ranges. Assist at 0.65, 0.6430 ranges.
