Wells Fargo Bank: AUD/USD resistance near 1.0377

On Thursday (October 13), at the beginning of the European market, the Australian dollar fell to a high level above 1.02, and the exchange rate temporarily stabilized at 1.02.

Wells Fargo analysts said that during the Asian trading session today, the Australian dollar/dollar was stable, and the published economic data showed a turn for the better.

However, the bank expects that the Reserve Bank of Australia is unlikely to raise interest rates, but may cut interest rates in the future; Australian dollar gains are expected to proceed with the adjustment of monetary policy, but the Australian dollar is relatively unfavorable compared with other commodity currencies.

From a technical point of view, Wells Fargo's analysis team pointed out that on the daily chart, the RSI was running around 50, and other indicators of kinetic energy rose further. This suggests that the AUD/USD resistance is located near the 200-day moving average (1.0377), with further resistance at 1.0399 (the mid-September high); if this resistance is overcome, further stronger resistance is at 1.0664 and 1.0767. The support is located at 0.9866 and 0.9388.

At midday in the Asian market today, the Australian dollar/dollar held steady above 1.0100, and the exchange rate once exceeded the 1.0200 level earlier. It is expected that the remaining trading time in this period will remain within a narrow range.

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