- Doubts about the timing of Fed interest rates hikes kept the dollar subdued on Monday, Dollar index hovers near Friday’s 3-week low at at 94.780
- AUD/USD doji forms in Asian session, Aussie and emerging Asian currencies probably enjoying a temporary bounce
- The pair has seen a sharp run-up since Sept 29th from 0.6936 levels, market looks overbought and some unwinding possible in the short-term
- Volumes are likely to be thinner than usual today with Japanese and U.S. markets closed for a public holiday on Monday
- Market may take cues from Chinese trade data due Tuesday, as well U.S. retail sales data on Wednesday and the consumer price index on Thursday
- AUD/USD is currently trading at 0.7329, strong resistance is seen around 0.7329 (cloud base), and support lies at 0.7300 (psychological level)
Resistance Levels:R1: 0.7329 (Daily Cloud Base)R2: 0.7344 (Daily High Oct 9)R3: 0.7400 (Aug 13 highs)Support Levels: S1: 0.7304 (Session Low)S2: 0.7300 (psychological level)S3: 0.7246 (Daily Low Oct 9)
The material has been provided by InstaForex Company – www.instaforex.com