AUD – The Australian dollar continues to trade sideways in a range

The Australian dollar consolidated against the US dollar last week, reaching lows of 0.6438 on Tuesday and 0.6441 on Thursday, holding above its 200-day moving average. The RSI and Stochastics oscillator are both rising, suggesting a short-term bottoming pattern for the Australian dollar, with the possibility of an imminent rebound. The first resistance level is at the 100-day moving average of 0.6535. A break below this level would strengthen the rebound momentum, with further targets at 0.6580 and 0.6630, with the 0.67 level the next level. The nearest support is expected at 0.6480 and 0.6440. Furthermore, the August 1 low of 0.6417 and the August 22 low of 0.6412 form a bottoming pattern and are considered key support areas. A break below this level could trigger another downtrend. The major support is forecasted at 0.6280.

Forecast range:
Resistance: 0.6535 – 0.6580 – 0.6630 – 0.700
Support: 0.6440 – 0.6410 – 0.6280

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