(MENAFN- Daily Forex) bearish view
Sell the AUD/USD pair and set your take profit at 0.6560.
Add a stop loss at 0.6720.
Timeline: 1-2 days.
bullish view
Set the buy stop at 0.6710 and the take profit at 0.6810.
Add a stop loss at 0.6610.
The aud/usd pair fell below critical support levels last week as traders reflected the actions of the Reserve Bank of Australia (RBA) and strong US employment reports. The pair dropped to 0.6644, his lowest since March 27th. advertisement Do you have a position to try? Don’t wait! trade aud/usd now Fed and RBA divergence? The biggest move in the AUD/USD pair last week was the Reserve Bank of Australia (RBA) interest rate decision. Banks decided to keep interest rates on hold, surprising some traders. The RBA has decided to keep interest rates unchanged since last May. Therefore, the RBA and Federal Reserve could move in opposite directions in the coming months. This comes after the US released moderately strong jobs data on Friday. Data showed the unemployment rate remained at its lowest level in more than 50 years. These numbers mean the Federal Reserve can continue to raise rates in the coming months if the banking sector remains stable. The next notable data to impact the Federal Reserve is the next inflation data set for Wednesday. Economists expect data to show inflation in the country is above the Fed’s 2.0% target. To be precise, inflation is expected to have fallen to 5.2% in March from 6.0% in February. Core inflation, which excludes volatile food and energy prices, moved to 5.6% from 5.5%. The other big AUD/USD news will be the next Australian job number scheduled for Thursday. Economists expect the unemployment rate to rise slightly to 3.6% as the economy created 20,000 jobs. The RBA has already hinted that it will maintain its pause in the coming months, so the impact on these number pairs is a bit limited. AUD/USD technical analysis The AUD/USD pair has fallen and is trading at its lowest level since March. It has moved to the lower side of the rising channel shown in orange. The pair is also below the 23.6% Fibonacci retracement level and the 50-period moving average. Additionally, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved downwards. Therefore, the pair is likely to continue its decline and the next level to watch is the March low of 0.6564. Ready to trade free forex signals? Here are the best forex brokers to choose from.
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