October 1, 2024

FxWirePro: AUD/USD maintains bullish bias with focus on 0.7000 level

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• AUD/USD gained strength on Tuesday as higher iron prices and upbeat Australian retail sales data supported Australian dollar.

• Australian data showed retail sales rebounded 0.7% in August, beating forecasts of 0.4%.

• The AUD/USD was up 0.2% to $0.6928 , having already hit a fresh 19-month top overnight at $0.6942.

•The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains

• Immediate resistance is located at 0.6946(23.6%fib), any close above will push the pair towards 0.7000(Psychological level).

• Support is seen at 0.6895 (Sep 30th low) and break below could take the pair towards 0.6861(38.2%fib).

Recommendation: Good to buy around 0.6920, with stop loss of 0.6850 and target price of 0.7000

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