AUD/USD rebounds from 2-week low, lacks follow-through
Our preference: short positions below 0.6850 with targets at 0.6825 & 0.6810 in extension.Alternative scenario: above 0.6850 look for further upside with 0.6865 & 0.6875 as targets.
Slightly better Aussie data helped gain some positive traction.
The risk-off mood/US-China trade uncertainty capping gains.
The US CPI and Powell’s testimony eyed for a fresh impetus.
The AUD/USD pair staged a modest rebound from over two-week lows,
albeit seemed struggling to extend the momentum further beyond mid-0.6800s.
The pair stalled its recent pullback and managed to find some support near
the 0.6830 in reaction to a strong rebound in the Westpac Consumer Confidence Index, which rose to +4.5% in November as compared to -5.5% recorded in the previous month.