AUDUSD InsightHello to all our subscribers.
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Key Points
- Fed Chair Jerome Powell, during his testimony before the House, responded to a question regarding Governor Christopher Waller’s suggestion of a possible July rate cut by stating, “There are a range of possible paths. It’s a possible scenario.” However, the overall tone of the testimony emphasized a wait-and-see stance.
- While there was some noise around the Israel-Iran conflict, it has been confirmed that a ceasefire was agreed upon. The Israeli side stated, “The focus will shift back to Gaza. We will bring the hostages home and dismantle the Hamas regime.”
- Due to the effects of de-dollarization, Australia’s bond market is gaining attention, and Australian government bond yields are on a downward trend.
Major Economic Events This Week
+ June 25: Testimony by Fed Chair Jerome Powell
+ June 26: U.S. Q1 GDP
+ June 27: U.S. May PCE Price Index
AUDUSD Chart Analysis
After a brief pullback, the AUD/USD pair fell to the 0.64000 level but rebounded from that support zone and is now showing an upward trend. A gradual climb is expected to continue, with the anticipated high near the 0.69000 level. However, there is minor resistance around the 0.67000 level, which could lead to a short-term decline, so caution is advised.
