Australian inflation dropped at a slower pace than anticipated, wiping out any lingering indication of rate cuts this year. Improved risk sentiment supports AUD
Markets now foresee no movement on the rate front this year with implied basis point moves all in positive territory for the remainder of the year. This is of course likely to evolve as data comes in but for now, the chances of aUpside momentum appears to have found intra-day resistance at a noteworthy area of confluence resistance – the intersection of the 50 and 200-day.
A move below 1.0885 suggests a failure of the bullish continuation but as long as prices hold above this marker, the longer-term bullish bias and the prospect of a bullish continuation remains constructive. One thing to keep in mind is the risk of a shorter-term pullback as the RSI approaches overbought once more. Upside target appears at 1.1052 and 1.0885 to the downside.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AUD/USD rises to two-day high ahead of Aussie CPIThe Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected.
Read more »
AUD/USD stays firm awaiting RBA speech; US PCE ahead in the weekThe Aussie Dollar (AUD) begins the Asian session virtually unchanged vs.
Read more »
Australian Dollar Q2 Technical Forecast: AUD/USD and AUD/JPYThis article offers a detailed examination of the technical outlook for the Australian dollar, dissecting price action dynamics and market sentiment to uncover potential catalysts for major market shifts.
Read more »
Australian Dollar Outlook & Sentiment Analysis: AUD/USD, AUD/JPYThis article thoroughly investigates current retail sentiment on the Australian dollar, with a specific focus on the AUD/USD and AUD/JPY. In the piece, we also scrutinize potential market scenarios based on contrarian technical signals.
Read more »
AUD/USD hovers near 0.6600 as markets await Aussie’s Business, Consumer Confidence dataThe Australian Dollar posted solid gains on Monday, rising 0.42% against the US Dollar amid an improvement in risk appetite and a light economic calendar.
Read more »
AUD/JPY Price Analysis: Aussie soars, buyers start to back off on the hourly chartIn Wednesday's session, the AUD/JPY pair is trading at 99.58, following an increase of 0.82%.
Read more »