AUDUSD Bulls in Control Above 0.6854
AUDUSD continues higher adding 0.30% at 0.6882 close to 2-month highs after President Trump announced a 2-week delay in tariff hikes in $250 billion in Chinese imports and despite Australia’s Consumer Inflation Expectations fell from the previous 3.5% to 3.1% in September
AUDUSD holds above the 50-day moving average (0.6854) for the second day, and the technical outlook is bullish for the short term now. The pair stopped for second day at 0.6883 the 50% Fibonacci retracement of the drop from July highs at 0.7081 to August lows of 0.6680. A convincing break above might drive prices up to 0.6904 the 100-day moving average.
On the downside, first support for AUDUSD stands at 0.6858 today’s low, then at 0.6806 the low from September 6th, more bids will emerge at 0.6738 the lower band of the August consolidation area, which if breached will open the way for a visit down to 0.6688 the low from August 26th.