Possible bounce on trend channel
The Australian dollar fell to 0.7795, its lowest level since mid-July, but cut half of its daily losses before closing, helped by moderate comments Kashkari, who said the Fed should not raise rates unless inflation reach 2.0%. The pair closed bearish for a sixth consecutive day, ahead of the RBA's monetary policy meeting, which has little change to reverse the current bearish trend for the Australian, as the central bank will hardly change its holding position on rates. Lowe will not be surprised much either, since it has been offering encouraging comments of the economic recovery.
The short-term chart is bearish, as in the 4-hour chart, approaches to a 20-bearer SMA continue to attract selling interest, currently around 0.7835. In addition, and in the above-mentioned table, the Momentum indicator has become marginally lower within the neutral territory, while the RSI indicator modestly targets above about 40, not enough to confirm a bullish move. Below the daily minimum mentioned, the pair would probably test a significant static support, the region of 0.7740 / 50, where the pair has a pair of monthly highs since the beginning of this year.
The short-term chart is bearish, as in the 4-hour chart, approaches to a 20-bearer SMA continue to attract selling interest, currently around 0.7835. In addition, and in the above-mentioned table, the Momentum indicator has become marginally lower within the neutral territory, while the RSI indicator modestly targets above about 40, not enough to confirm a bullish move. Below the daily minimum mentioned, the pair would probably test a significant static support, the region of 0.7740 / 50, where the pair has a pair of monthly highs since the beginning of this year.
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