The Australian Dollar (AUD) strengthens after the release of the Melbourne Institute’s Inflation Gauge data on Monday.
The Australia n Dollar appreciated as the TD-MI Inflation Gauge rose by 0.3% MoM in October, up from previous 0.1% increase. The Reserve Bank of Australia is widely expected to maintain the cash rate at 4.35% on Tuesday. The US Dollar may receive support from safe-haven flow amid uncertainty surrounding the US presidential election results on November 5. The Australia n Dollar strengthens after the release of the Melbourne Institute’s Inflation Gauge data on Monday.
However, the 14-day Relative Strength Index remains below the 50 level; a rise above 50 would reflect a shift in momentum from bearish to bullish. On the resistance side, AUD/USD faces the nine-day EMA at 0.6602, with the next resistance at the 14-day EMA at 0.6625. A break above these levels could strengthen the pair, potentially targeting the psychological level of 0.6700. In terms of support, AUD/USD may find immediate support at the three-month low of 0.6536.
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