AUDUSD supported around 0.6640s below the 100-DMA, to record minimal weekly losses – by christianborjon AUDUSD Majors Macroeconomics Technical Analysis
a catalyst, except for Federal Reserve policymakers continuing its hawkish campaign. Also, US Treasury yields moderately advanced, underpinning the USD. At the time of writing, the AUDUSD is trading at 0.6675.revealed Existing Home Sales for October, which plummeted 5.9%, below a 4.17% expansion expected by economists. It should be said that home sales have fallen since February 2022, as the Fed continued its tightening cycle as they fight elevated inflation levels.
pattern formed in the AUDUSD daily chart is still in play, the sudden reversal could be seen as AUD buyers booking profits and taking a breather before assaulting the 0.6800 psychological level.might pull back to the 50% to 61.8% Fibonacci retracement levels around the 0.6545-0.6594 area before rallying towards 0.6800 and beyond to the head-and-shoulders target around 0.6870.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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