🌏 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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.