The Australian Dollar (AUD) continues to move on an upward trajectory for the fifth successive day. The Aussie pair is gaining upward support, driven
Australian Dollar gains upward momentum due to higher commodity prices. Australia’s RBA is expected to increase interest rates by 25 basis points through the end of the year. The dovish remarks by Fed officials contribute to pressure on the US Dollar. by strong underlying commodity prices and the ongoing conflict in the Middle East. Moreover, Westpac Consumer Confidence showed that individual confidence improved in October.
The 23.6% Fibonacci retracement at 0.6429 acts to be a significant hurdle. A decisive break above this level could pave the way for the pair to explore higher levels, with the psychological level of 0.6450, lined up with the 21-day Exponential Moving Average at 0.6456 as a potential target. On the downside, the key support is seen at 0.6300, followed by the November low at 0.6272. These levels serve as crucial markers for potential shifts in the AUD/USD pair’s trajectory.
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