Bounce off one-year lows is supported by solid economic numbers in Australia.
Main support is considered at 0.70ish with possible targets marked above:
Fundamentals
Positive:
- better than expected Q3 GDP data shows the economy rose 3.9% year over year and continues to attract bids on the AUD
- the Australia commonwealth Bank Manufacturing PMI jumped to 59.2 in November
Negative:
- Omicron variant triggering a surge in COVID cases could limit gains on AUDUSD.
- AUD Upward momentum could be limited by the FED's speed up interest rates hikes to curtail a surge in inflation
For more: https://forexezy.com/audusd-bounces-off-1-year-lows-as-usdjpy-remains-range-bound-below-114-00
Main support is considered at 0.70ish with possible targets marked above:
Fundamentals
Positive:
- better than expected Q3 GDP data shows the economy rose 3.9% year over year and continues to attract bids on the AUD
- the Australia commonwealth Bank Manufacturing PMI jumped to 59.2 in November
Negative:
- Omicron variant triggering a surge in COVID cases could limit gains on AUDUSD.
- AUD Upward momentum could be limited by the FED's speed up interest rates hikes to curtail a surge in inflation
For more: https://forexezy.com/audusd-bounces-off-1-year-lows-as-usdjpy-remains-range-bound-below-114-00
