AUDUSD Analysis A Tug of War
🌏 Fundamental Forces at Play:
📈 Positive Traction: The AUD has gained momentum above the 0.6500 mark, influenced by a risk-on market mood. Upcoming data such as Australia’s Wage Price Index, expected to rise by 1.3% QoQ, will be pivotal in shaping the currency's direcrce.
🌐 Global Economic Docket: A slew of international economic data, including China activity data, UK inflation, and US PPI figures, will play a critical role in determining whether the AUD can sustain its recent upswing and potentially push towards the 0.66urce.
📉 Downward Pressure: Despite the uptick, AUD/USD witnessed a drop over the past week, with domestic rate expectations and the USD's recovery affecting its trajectory. The pair moved from a high of 0.6522 to a low of 0.6338, reflecting the volatility and the currency's sensitivity to both domestic and international fource.
🔎 Technical Analysis Snapshot:
📊 Resistance Watch: The AUD tested and briefly surpassed the 0.65 level, only to retract as it faced resistance. This level remains a significant barrier that bulls will need to conquer to establish a clear†source.
📉 Support at Stake: The technical landscape shows that the AUD/USD pair is struggling to maintain its gains, with fundamental factors and market sentiment applying downward pressure. A deflationary scenario in China adds to the woes, considering Australia's economic ties w4†source.
🔮 Market Sentiment & Direction:
📌 Bullish Scenario: A break and hold above the 0.65 level, accompanied by favorable economic data, could propel AUD/USD towards the next resistance.
📌 Bearish Scenario: If the data disappoints and global economic sentiment turns sour, expect to see further tests of support levels.
📈 Positive Traction: The AUD has gained momentum above the 0.6500 mark, influenced by a risk-on market mood. Upcoming data such as Australia’s Wage Price Index, expected to rise by 1.3% QoQ, will be pivotal in shaping the currency's direcrce.
🌐 Global Economic Docket: A slew of international economic data, including China activity data, UK inflation, and US PPI figures, will play a critical role in determining whether the AUD can sustain its recent upswing and potentially push towards the 0.66urce.
📉 Downward Pressure: Despite the uptick, AUD/USD witnessed a drop over the past week, with domestic rate expectations and the USD's recovery affecting its trajectory. The pair moved from a high of 0.6522 to a low of 0.6338, reflecting the volatility and the currency's sensitivity to both domestic and international fource.
🔎 Technical Analysis Snapshot:
📊 Resistance Watch: The AUD tested and briefly surpassed the 0.65 level, only to retract as it faced resistance. This level remains a significant barrier that bulls will need to conquer to establish a clear†source.
📉 Support at Stake: The technical landscape shows that the AUD/USD pair is struggling to maintain its gains, with fundamental factors and market sentiment applying downward pressure. A deflationary scenario in China adds to the woes, considering Australia's economic ties w4†source.
🔮 Market Sentiment & Direction:
📌 Bullish Scenario: A break and hold above the 0.65 level, accompanied by favorable economic data, could propel AUD/USD towards the next resistance.
📌 Bearish Scenario: If the data disappoints and global economic sentiment turns sour, expect to see further tests of support levels.
Note
On Profit and BETrade closed: target reached
Reversed Trade is now made
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