AUDUSD Bearish move to continue
Updated
The Aussie dollar has been going down against the US dollar for the past few days. This is because the US dollar is getting stronger and the Aussie dollar is getting weaker. The Reserve Bank of Australia (RBA) kept interest rates the same at their last meeting, but the market expects interest rates to be cut in the second half of 2024.
The US dollar has been strong recently, even though US data has been mixed. The number of job openings was lower than expected, but the ISM Services PMI rose to 52.7 in November, which was higher than expected. US yields dropped after the data was released, but the US dollar remained strong.
More employment data will be released from the US this week, including the ADP report, the weekly Jobless Claims, and the Nonfarm Payrolls (NFP) release.
Overall, we are expecting a further drop from AUDUSD, and the NFP release on Friday will either push that drop or generate a pullback, and then the drop will resume the following week, we will see...
Please feel free to share comments about this analysis and your point of view, thank you all, and trade with care!
The US dollar has been strong recently, even though US data has been mixed. The number of job openings was lower than expected, but the ISM Services PMI rose to 52.7 in November, which was higher than expected. US yields dropped after the data was released, but the US dollar remained strong.
More employment data will be released from the US this week, including the ADP report, the weekly Jobless Claims, and the Nonfarm Payrolls (NFP) release.
Overall, we are expecting a further drop from AUDUSD, and the NFP release on Friday will either push that drop or generate a pullback, and then the drop will resume the following week, we will see...
Please feel free to share comments about this analysis and your point of view, thank you all, and trade with care!
Note
AUDUSD dropped as we had anticipated, that was a 65pips trade as TP1, now expecting to pullback and produce further drop. If and when we get confirmation of a short, we will get back in again.Best of luck to everyone and please trade with care!
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