AUDUSD retains agency tone and holds close to the very best in 3 ½ months on Friday, on observe for the ninth straight weekly acquire and for the second consecutive month-to-month shut in inexperienced.
The Reserve Financial institution of Australia stored hawkish stance and expressed readiness to behave rapidly (fee hike might be anticipated as early as September) as inflation picked up in July that supplied further help to Aussie greenback.
Technical image on each day chart stays more and more bullish, with the newest push larger cracking goal at 0.7205 (Fibo enlargement of prolonged third wave of five-wave cycle from 0.6865), although overbought situations could mood bulls.
Consolidation or restricted correction is prone to precede recent push larger and potential assault at key limitations at 0.7277/83 (6 June 2026 and three June 2022 peaks).
Merchants await the speech of Fed Chair Warsh in Jackson Gap (due later at present) for doable clearer alerts about Fed’s trajectory on financial coverage in coming months that will influence the US greenback.
Res: 0.7222; 0.7277; 0.7283; 0.7300
Sup: 0.7180; 0.7150; 0.7120; 0.7100
