AUD – Risk aversion limits the Australian dollar's gains

As seen on the Australian dollar/US dollar chart, the MACD indicator has just broken above its signal line, suggesting the AUD may continue its slow upward trend from last week. The 100-day moving average is currently at 0.6485, serving as initial support. Major support lies at the 200-day moving average at 0.6380, followed by the 0.6280 and 0.62 levels. The resistance lies at 0.66 and the 50-month moving average at 0.6730. Medium-term resistance lies at last September's high of 0.6942, further pointing towards the 0.70 level.

Forecast range:
Resistance: 0.6600 - 0.6730 - 0.6942 - 0.7000
Support: 0.6485 - 0.6380 - 0.6280 - 0.6200

Focus:
Tuesday
Australia September Consumer Confidence Index (07:30)
Australia August NAB Business Confidence Index (08:30)

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