AUD/USD turns negative after hitting highest level since June – by MSalordFX AUDUSD Currencies Majors
The Aussie is headed toward the first daily loss versus the US Dollar after rising for four consecutive days. The trend remains bullish but if the current correction deepens, it could turn into a reversal. The next support is seen at 0.7060 followed by 0.7025. On the upside, a consolidation above 0.7120 would keep the doors open to more gains.Despite the upbeat economic numbers released on Thursday, the outlook is not clear, with mixed signs and higher interest.
Next week, the Federal Reserve will announce its decision on monetary policy and a 25 basis points rate hike is expected. Market participants do not see this as the last hike.for the third quarter. The following policy meeting of the Reserve Bank of Australia is February 7. Market participants see a 25 basis points rate hike.
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