The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The AUD/USD pair is pulling back from the resistance zone near the 100-day SMA. Expectations that U.S. economic policies will stimulate growth and limit the Federal Reserve's ability to aggressively cut interest rates are helping the U.S. dollar halt its pullback from a four-month high observed the previous day.
This is the primary factor putting downward pressure on the AUD/USD pair. Meanwhile, AUD/USD bulls seem unaffected by the news that the Standing Committee of the National People's Congress of China approved plans to raise the local debt ceiling. Even the Reserve Bank of Australia's hawkish stance failed to provide support for the Australian dollar.
A decline and consolidation below the critical 200-day SMA would indicate that the short-covering rally has run its course. Daily chart oscillators are recovering but have not yet fully entered positive territory. Further declines could pull the AUD/USD pair down to the psychological level of 0.6600, with the next support at 0.6555. The downward trajectory could extend further toward 0.6510 or a multi-month low before the exchange rate eventually drops even lower.
On the other hand, bulls need to wait for a sustained breakout above the 100-day SMA resistance, currently just below the psychological level of 0.6700, before initiating new trades. Beyond that, the 50-day SMA near 0.6717 serves as the next resistance level, above which the AUD/USD pair may attempt to rise toward the intermediate resistance of 0.6755, targeting the psychological level of 0.6800.
A subsequent move higher would indicate that the recent decline has exhausted itself, shifting the short-term bias in favor of the bulls.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
