Video Analysis 2
This week sees speeches by RBA Assistant Governors Kent and Debelle, the RBA Monetary Policy Meeting Minutes and US FOMC Statement. These should all provide significant price action for the AUDUSD spot FX rate.
AUDUSD Hesitant, but Bear Bias Intact
A dip and bounce Friday, still capped by strong resistance at .7819/40, but resilient above .7633 support to leave a neutral tone Monday.
However, the prior push down close to .7595 last week negated the previous positive recovery tone and maintains bear pressures for June.
For Monday: We see a neutral tone between .7674 and .7793 (with a negative bias)
- Break above .7793 aims for .7819/40, which we would look to try to cap.
- Break below .7674 aims for .7633, which we would look to try to hold.
Short/ Intermediate-term Outlook – Downside Risks:
- We see a negative outlook with the bearish risks through .7595 to .7533.
- Below targets .7500, .7269 and .7094.
What Changes This? Above .7840 eases bear risks; through .7932 signals a neutral tone, only shifting positive above .8164.