AUDUSD seems to have found a support base at 0.7100 (currently at 0.7144). Price could test this support level again before further upside.
Potential driver for further upside on the AUD/USD is the RBA rates decision next Tuesday. With rates currently at 0.10% and an expected hike to 0.25%, this could bring the AUD/USD up. Possible surprise from the RBA in terms of a larger than expected increase.
Look for short term buying opportunities if price test and bounces from 0.7100 or if the upward move continues above 0.7150. However, it is unlikely that price could test the next resistance of 0.7300 with the strength of the DXY and the looming FOMC decision.
Potential driver for further upside on the AUD/USD is the RBA rates decision next Tuesday. With rates currently at 0.10% and an expected hike to 0.25%, this could bring the AUD/USD up. Possible surprise from the RBA in terms of a larger than expected increase.
Look for short term buying opportunities if price test and bounces from 0.7100 or if the upward move continues above 0.7150. However, it is unlikely that price could test the next resistance of 0.7300 with the strength of the DXY and the looming FOMC decision.
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