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AUDUSD holds near 2 1/2-month high after an eight-week rally
Traders are watching upcoming RBA minutes and July CPI, alongside US July PCE, for fresh direction after the pair gained 0.8% last Friday.
AUDUSD was consolidating just under a new 2 1/2-month high on Monday after last Friday’s 0.8% jump helped complete an uninterrupted eight-week rally, according to Action Forex.
The outlet said bulls encountered a double Fibo barrier at 0.7180, where stronger headwinds could be expected because daily studies are overbought. It added that larger bullish conditions are still in play, with consolidation or limited dips likely before a further move higher.
Action Forex pointed to key levels to watch, including a firm break above the 0.7180 to 0.7200 zone to support bullish continuation and potentially target 0.7277. It also noted that rising 10-day moving average and a broken 61.8% Fibo level around 0.7100 should help cap pullbacks.
For catalysts, traders are focused on releases of RBA minutes on Tuesday, Australia’s July CPI, and US July PCE on Wednesday, which the outlet said could provide new signals.