#AUDUSD @ 0.67410 bears eyeing a correction at resistance.
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- AUD/USD bears eyeing a correction at resistance.
- AUD/USD bulls need to get over 0.6750.
AUD/USD has homed in on the 0.6750s on Friday as the speculation that the Federal Reserve may not raise interest rates again for some time has weighed on the US Dollar at the same time that the Reserve Bank of Australia turns hawkish.
Data yesterday was showing that the number of Americans filing new claims for unemployment benefits surged to the highest in more than 1-1/2 years last week. We also had data in Asia that showed China’s falling producer prices and weak consumer inflation have added to the concern about the health of the world’s second-largest economy. Nevertheless, the Aussie remains firm as per the following chart illustration.
Meanwhile, the weekly W-formation is playing out as follows:
There appears to be room to go next week on the upside but a correction could be on the cards as per the daily chart:
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