AUD/USD bullish potential remains, and AUD/NZD bounces off a zone of support ahead of the Reserve Bank of New Zealand’s rate announcement and RBA minutes
Price action holds at elevated levels after intra-day pullbacks were repelled before testing the 0.6644 level that previously capped higher prices. In a week where that sees a notable drop-off in the number of ‘high importance’ data, volatility may wane and themay stand to benefit from a gradual recovery.
The bank is likely to require greater confidence that inflation is moving back towards the 1-3% range before deciding to cut interest rates and markets anticipate the first of such adjustments to take place in Q4. Inflation sits at 4% - a level that remains too high for the central bank to hint at looser financial conditions.chart broadly presents an uptrend which has slowed down in the second quarter of the year.
Should the bullish pattern emerge, the swing high of 1.1030 reemerges as the next level of resistance, followed by 1.1052 – the June 2023 swing high. The move will need to be reassessed in the event prices close below the 50 SMA or test 1.0885.If you're puzzled by trading losses, why not take a step in the right direction? Download our guide, "Traits of Successful Traders," and gain valuable insights to steer clear of common pitfalls that can lead to costly errors.
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