AUDUSD rebound hinges on US yield stability, China market upside
While AUD/USD has maintained a strong inverse relationship with US Treasury yields across the curve over the past fortnight, the connection is weaker compared to its link with China-related variables over the same period. This suggests that any rebound in the Aussie this week may require not only stability in US rates but also a recovery in Chinese sentiment and markets, especially with no major Australian data due for the remainder of November.
The daily candlestick pattern in AUD/USD will form a morning star if prices can grind towards the session highs during European and North American trade. RSI (14) is diverging from price, signalling shifting directional risks and potentially increasing the odds of a bullish reversal.
Topside levels to watch include 0.6480, former downtrend support at 0.6505, and 0.6513 – a break above the latter could pave the way for an extended rally. On the downside, 0.6441 is a level to watch, offering a potential setup where longs can be established with a tight stop beneath for protection.
The daily candlestick pattern in AUD/USD will form a morning star if prices can grind towards the session highs during European and North American trade. RSI (14) is diverging from price, signalling shifting directional risks and potentially increasing the odds of a bullish reversal.
Topside levels to watch include 0.6480, former downtrend support at 0.6505, and 0.6513 – a break above the latter could pave the way for an extended rally. On the downside, 0.6441 is a level to watch, offering a potential setup where longs can be established with a tight stop beneath for protection.
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