AUD / USD is recovering from yesterday’s decline, thanks to the growing demand in stock markets and the local weakening in the dollar. It appears that investors are already factored into prices the expected 0.50% rate hike of the Fed in June, which may lead to the closing of short positions in the stock markets and profit-taking in dollars.
technical picture:
The quote is below the middle line of the Bollinger indicator, above the SMA 5, but below the SMA 14. Meanwhile, both the relative strength index (RSI) and the stochastic indicator are out of the oversold zone and are rising.
Possible dynamics:
A rise above 0.6910 will lead to a local rebound to 0.7035.
* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Pati Gani,
Analytical expert of InstaForex
© 2007-2022
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