Australian Dollar pares gains following the remarks from RBA Governor Bullock
Technical Analysis: Australian Dollar hovers around a nine-month high near 0.6840
The AUD/USD pair trades near 0.6840 on Tuesday. Technical analysis of the daily chart indicates that the pair is moving upward within the ascending channel pattern, suggesting a bullish bias. Additionally, the 14-day Relative Strength Index (RSI) is positioned above 50, confirming the ongoing bullish trend.
The AUD/USD pair is currently testing the nine-month high of 0.6839, last reached on September 19. A breakout above this level could drive the pair toward the upper boundary of the ascending channel, around the 0.6910 mark.
On the downside, the AUD/USD pair could find support at the lower boundary of the ascending channel, which coincides with the nine-day Exponential Moving Average (EMA) at 0.6788. The next significant support is at the psychological level of 0.6700. A break below this level could push the pair further down toward its six-week low of 0.6622
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