AUDUSD Chart Technical Outlook is correcting higher, above 0.6445 the next target is 0.6500
The Aussie Dollar is bouncing up from four-month lows. An improved risk appetite and a softer US Dollar on the back of lower US Treasury yields underpin the pair’s recovery.
US data released on Wednesday revealed employment creation below expectations and tepid growth in the services sector’s activity. These figures add to the case of a 25 bps cut by the Federal Reserve in two weeks.
The technical picture shows some bullish divergence -more clearly visible on the daily chart-, which suggests the possibility of a deeper correction. Resistances are 0.6445 and 0.6500. Supports are 0.6400 and 0.6350.
