AUDUSD Long at the blue zone retest

From the daily chart, the recent rebound in the exchange rate has clearly formed an upward trend. After today's high opening, the action can be further enhanced. At the same time, the exchange rate is further away from the 23.6% retracement of Fibonacci, suggesting that the rebound has already overcome the resistance of this file. Next, the exchange rate may go up further. The key target position points to the 38.2% Fibonacci retracement near 0.7450, which is also the top position of the shock zone in July and August this year. It is recommended to consider the bargain-hunting as the main target, the target to see around 0.7450; in the future to stand above the resistance here, it will look at the 0.76 mark.

Comment:

Tomorrow morning, the Reserve Bank of Australia will announce the December interest rate decision. Although it has the highest probability of continuing to remain inactive, it is likely that the wording will change. Earlier, the Reserve Bank of Australia stated that the next action would be to raise interest rates, but the Australian Federal Reserve did not dare to act rashly due to the severe global trade environment. So tomorrow, the Reserve Bank of Australia is very likely to mention the outcome of the G20 summit. The "temporary" turnaround of the trade may make it slightly biased towards the hawks. If the Reserve Bank of Australia mentions the specific rate hike next year, the AUD/USD will go up further.