AUDUSD bulls are back in the market after a good start.
The AUDUSD bulls are in the market and heading towards the 0.6700 level as the US Dollar sell-off continues, despite a recovery in risk sentiment and increased forecasts of a slower pace of Fed rate rises.
The focus is still on Tuesday’s US CPI figures. Another brief bounce in the AUDUSD suggests that sellers remain in charge. The daily chart is bearish, with technical indicators remaining oversold.
Rallies are anticipated to be volatile while trading below 0.6800. The upswing was limited at 0.6635 around the 20 Simple Moving Average on the 4-hour chart (SMA).
Bearish pressure is growing ahead of the Asian session. Below 0.6600, the next level of support is at 0.6580, followed by the recent lows at 0.6562. Long-term assistance arises at0.6530 is the zone.
Support levels: 0.6580 0.6530 0.6500
Resistance levels: 0.6630 0.6655 0.6695
