AUDUSD Chart Technical Outlook might remain capped below 0.6700 awaiting details about China’s stimulus measures.
The Aussie Dollar rallied on Thursday, driven by investors’ optimism, as Beijing announced further stimulus measures to support the economy during Trump’s presidency. The market will now await more details about the plans, which have been disappointing more often than not.
As expected, the Federal Reserve cut rates by 25 basis points but refused to change its stance of a gradual easing cycle, contributing to the US Dollar’s pullback after the post-election rally.
In this context, I expect the pair to remain capped below the 0.6700 resistance area, with 0.67.25 and 0.6760 as the next upside targets. Immediate support is at 0.6640 ahead of 0.6590.
