AUD/USD: Australian Dollar floats above 200-SMA on mixed China news, sluggish sentiment – by anilpanchal7 AUDUSD China RBA Fed SEO
e. In doing so, the Aussie pair portrays the cautious optimism in the market amid sluggish moves and a light calendar. However, broad US Dollar weakness allows the pair buyers to cheer the first daily gains in three.Be it a likely restoration of the Aussie-Sino ties or China’s readiness for more stimulus, AUD/USD has reasons to defend the latest recovery moves.
On the other hand, the Federal Reserve’s preferred version of inflation, namely Friday’s US Core Personal Consumption Expenditures - Not only the U-turn from the 200-SMA, around 0.6680 by the press time, but an impending bull cross on the Moving Average Convergence and Divergence indicator also keeps the AUD/USD pair buyers hopeful.
Following that, a one-week-old horizontal hurdle surrounding 0.6815 appears as the last defense of the AUD/USD pair bears, a break of which could propel the quote towards a convergence of the five-week-old ascending trend line and the monthly top, close to the 0.6900 round figure.
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