VOT Research Desk
On Wednesday, the AUD/USD pair draws some dip-buying and halts the previous day’s slight decline from near the 0.6900 level, or its highest level since September 13.
During the early European session, the pair rises to the upper end of its daily trading range and is currently trading in the mid-0.6800s.
In the interim, concern over policymakers’ perceptions of a big slowdown in US inflation might boost the dollar and limit gains for the AUD/USD pair.
However, the underlying environment appears to favor optimistic traders and promotes the possibility of further price appreciation.
Even from a technical standpoint, Wednesday’s emergence of some dip-buying and the overnight breakout through the 0.6800 level support the optimistic outlook.
|
Daily SMA20 |
0.6731 |
|
Daily SMA50 |
0.6539 |
|
Daily SMA100 |
0.6677 |
|
Daily SMA200 |
0.6905 |
