The Australian Dollar experienced a notable surge as the US Dollar dipped close to its monthly lows. The Reserve Bank of Australia will assess additional data to shape future monetary policy decisions. Softened data from the US reinforces expectations of the Fed easing monetary policy in early 2024, with Q3 annual GDP and QoQ core PCE dropping by 4.9% and 2.0%, respectively.
The Australian Dollar is currently trading below the psychological resistance level at 0.6800, having peaked at 0.6802 on Friday. Widely shared bullish sentiment suggests the potential for the AUD/USD pair to surpass recent highs and target a significant resistance level at 0.6850. On the flip side, key support levels are identified at 0.6750, ahead of the seven-day Exponential Moving Average (EMA) at 0.6740. A breach below this crucial support zone may guide the AUD/USD pair towards the psychological support at 0.6700, followed by the 23.6% Fibonacci retracement level at 0.6679.
The Australian Dollar is currently trading below the psychological resistance level at 0.6800, having peaked at 0.6802 on Friday. Widely shared bullish sentiment suggests the potential for the AUD/USD pair to surpass recent highs and target a significant resistance level at 0.6850. On the flip side, key support levels are identified at 0.6750, ahead of the seven-day Exponential Moving Average (EMA) at 0.6740. A breach below this crucial support zone may guide the AUD/USD pair towards the psychological support at 0.6700, followed by the 23.6% Fibonacci retracement level at 0.6679.
