AUDUSD #Forexsignal: Could Retest the Resistance at 0.6650 Soon (9 May 2024)

Bullish view

• Buy the AUD/USD pair and set a take-profit at 0.6650.
• Add a stop-loss at 0.6500.
• Timeline: 1-2 days.

Bearish view

• Sell the AUD/USD pair and set a take-profit at 0.6500.
• Add a stop-loss at 0.6610.

The AUD/USD exchange rate remained under pressure as traders assessed the recent actions by the Federal Reserve and Australia’s central bank. The pair was trading at 0.6580 on Thursday, down from this week’s high of 0.6650.

Fed and RBA decisions

The AUD/USD pair has been in the spotlight after the recent actions by the Federal Reserve and the RBA. In its decision last week, the Fed decided to leave interest rates unchanged between 5.25% and 5.50%. It also hinted that it will cut rates later this year if inflation continues falling.

The Federal Reserve noted that inflation has remained stubbornly high above its 2% target while the economic growth is slowing. Recent data showed that the economy expanded by just 1.6% in Q1, a sharp reversal from Q4’s 3.2%. Economists expect the Fed to start cutting rates in Q4 of this year.

The Reserve Bank of Australia also left interest rates unchanged at 4.35% as it continued focusing on the country’s inflation, which has remained higher than expected. Analysts at several banks expect it to cut rates later this year. On the other hand, some of them believe that it will even hike rates later this year.

There will be no major economic data from Australia and the US on Thursday. The only report to watch from the US will be the initial and continuing jobless claims numbers. Economists polled by Reuters expect the report to reveal that the initial claims rose by 212k last week from the previous 208k.

Continuing claims are expected to come in at 1.79 million, higher than the prior week’s 1.7k. While these are important numbers, their impact on the AUD/USD pair will be limited.

AUD/USD technical analysis

The Australian dollar peaked at 0.6650 last week as the US dollar weakened after April’s nonfarm payrolls (NFP) data. That was a crucial price since it failed to move above that level on March 8th and April 9th. It was also the neckline of the inverse head and shoulders pattern.

It pulled back this week after the RBA interest rate decision and has found a support at 50-period moving average. It is also trading between the 38.2% and 50% Fibonacci Retracement level.

Therefore, the pair will likely bounce back as buyers target last Friday’s high of 0.6650. On the flip side, a drop below the support at 0.6540 will provide more downside.

To get LIVE ACCURATE 2-3 TRADES daily (Forex/Comex/Stocks) Telegram Financial Advisor

BEST FOREX SIGNAL TELEGRAM GROUP

XAUUSD FOREX INDICES ACCOUNT MANAGEMENT

#SaudiArabia #UAE #Qatar #HongKong #Portugal #PortugueseGP #France #forex #commodities #forexSaudiarabia #forexYemen #forexasia #forexJordan #Singapore #UAE #UK #forexsignals #SwingTrading #周 #USDollar #inflation #FOMC #China #kuwait

AUDJPY Elliott Wave: Forecasting the Path (16 April 2024)

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of AUDJPY Forex pair, published in members area of the website. As our members know we have been favoring the long side in YEN pairs. Recently we got a pull back that has made a clear 3 waves pull back that found buyers right at the equal legs area. In the further text we are going to explain the Elliott Wave forecast

AUDJPY H1 Weekend Update 04.13.2024

AUDJPY ended cycle from the 96.8676 low and now correcting it. Current view suggests wave 4 red pull back can be unfolding as Elliott Wave Zig Zag Pattern. The Equal legs area is already reached at 98.799-98.460. We are aware that pull back can complete any moment. We don’t recommend selling the pair and expect further rally to resume from the buyers zone : 98.799-98.460.

AUDJPY H1 Weekend Update 04.15.2024

AUDJPY has given us a nice reaction from the Equal Legs zone as expected. The bounce reached and exceeded 50% Fibonacci retracement against the ((b)) high, so we consider wave 4 red completed at the 98.7 low. We anticipate a break of the 3 red peak to confirm that the next leg up is in progress. Alternatively, if the price breaks below the 98.7 low, the pair will open up the possibility for a 7-swing pattern toward 97.963-97.476 area. In that case, any long positions will be stopped out at Break Even, and we will look to buy the dips again at the next set of equal legs.

To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor

BEST FOREX SIGNAL TELEGRAM GROUP

XAUUSD FOREX INDICES ACCOUNT MANAGEMENT

#SaudiArabia #UAE #Qatar #HongKong #Portugal #PortugueseGP #France #forex #commodities #forexSaudiarabia #forexYemen #forexasia #forexJordan #Singapore #UAE #UK #forexsignals #SwingTrading #周 #USDollar #inflation #FOMC #China #kuwait

Australian Dollar Lower After Soft #CPI Data: #AUDUSD (31 Jan 2024)

The Australian dollar has lost ground after Australia’s CPI was lower than expected. In the European session, AUD/USD is trading at 0.6578, down o.37%. The Aussie continues to struggle and has declined 3.4% in January.

Australia’s CPI eases to 3.4%

Australia’s inflation rate continues to decline, which will be sweet music to the ears of central bank policy makers. CPI for Q4 2023 fell to 4.1% y/y, down sharply from 5.4% in Q3 and below the market estimate of 4.3%. Inflation has decelerated for a third straight month and has fallen to its lowest since November 2021. The drop in inflation was felt across the economy and goods and services inflation eased. A key core CPI indicator, the trimmed mean, fell to 4.2% y/y, down sharply from 5.2% and just below the market estimate of 4.3%. The decline in inflation was also apparent on a quarterly basis. CPI fell from 1.2% to 0.6% in the fourth quarter and the trimmed-mean CPI dropped to 0.8%, down from 1.2% in the third quarter.

The inflation report is the final key release before the Reserve Bank of Australia meets on February 6. The RBA isn’t expected to start cutting rates until the second half of 2024 and it’s a virtual certainty that the RBA will hold rates next week at 4.35%. The RBA hasn’t signalled it will cut rates, but inflation has been moving in the right direction and the economy has been cooling down, with consumer spending falling and the labour market showing cracks.

This week’s retail sales report was a reminder that consumers are being squeezed by the cost of living crisis. December retail sales plunged 2.7% m/m, as Black Friday sales contributed to the November reading of 1.6%. Consumers did their Christmas shopping early and that led to a very soft reading in December.

AUD/USD Technical

• AUD/USD is testing support at 0.6583. Next, there is support at 0.6544
• There is resistance at 0.6613 and 0.6652

 

 

To get ACCURATE LIVE ACCURATE 2-3 TRADES (Forex/Comex/Stocks) Telegram Financial Advisor

BEST FOREX SIGNAL TELEGRAM GROUP

XAUUSD FOREX INDICES ACCOUNT MANAGEMENT

#SaudiArabia #UAE #Qatar #HongKong #Portugal #PortugueseGP #France #forex #commodities #forexSaudiarabia #forexYemen #forexasia #forexJordan #Singapore #UAE #UK #forexsignals #SwingTrading