AUDUSD tests support
The Australian Dollar is steadily rising as the Australian labour market continues its resilience. The price of the Australian dollar has been under pressure on the daily chart in the former demand area around 0.6540. The short-term sentiment may be affected by a combination of profit taking and fresh selling as the aussie struggles to hold on to its recent gains. The first support is at 0.6430, which is a good place to start looking for renewed interest in buying. 0.6360 is also a crucial floor that will keep momentum going. If the price closes above 0.6540, it will open up the possibility of 0.6660.
NZDUSD hits resistance
The New Zealand Dollar consolidates its gains in Q3 on the back of a higher Producer Price Index. October’s high of 0.6050 seems to be a tough resistance to crack for now with an upper candle wick indicating a rejection of higher bids. If the price falls below the psychological 0.6000 level, it could trigger a pullback. Previous momentum buyers will be able to take their profits. The resistance-turned-support of 0.5940 is the first level to expect follow-through buying and 0.5870 at the base of the latest rally and on the 20-day SMA an important congestion area.
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