AUD/USD Pathway Analysis - UPSIDE BIAS
The Strong Rejection of the Downside below 0.6400 has been tempered by the FOMC minutes and stronger US Confidence data and the AUD/USD has pulled back from 0.6700. Support has been found at 0.6590 and we are currently on Front Foot into 0.6630.
Aussie has a couple of risk events with Aussie Retail Sales Tuesday which were weak last month and then the Monthly CPI Figures Wednesday forecast at 3.4% vs. 3.5% previously.
The other side of the equation USD is struggling to make further gains with US 2 year interest rates hitting super strong resistance at 5.0% and unless we can somehow break above we are going to see range trading to USD weakness in coming sessions.
US Data is light but Core PCE a FED favoured measure is out on Friday and another key potential market mover. A weaker data point forecast at 0.2% vs 0.3% and Personal Income forecast at 0.3.% vs. 0.5%.
Looking for AUD/USD dips to be bought at 0.6600 for eventual retest of 0.6700. Sideways trading very likely though so taking profits 0.6640-50 likely a few times till later in Week.
Aussie has a couple of risk events with Aussie Retail Sales Tuesday which were weak last month and then the Monthly CPI Figures Wednesday forecast at 3.4% vs. 3.5% previously.
The other side of the equation USD is struggling to make further gains with US 2 year interest rates hitting super strong resistance at 5.0% and unless we can somehow break above we are going to see range trading to USD weakness in coming sessions.
US Data is light but Core PCE a FED favoured measure is out on Friday and another key potential market mover. A weaker data point forecast at 0.2% vs 0.3% and Personal Income forecast at 0.3.% vs. 0.5%.
Looking for AUD/USD dips to be bought at 0.6600 for eventual retest of 0.6700. Sideways trading very likely though so taking profits 0.6640-50 likely a few times till later in Week.
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.