AUDUSD LOOKS BEARISH MOMENTUM
Technical Analysis: On the daily chart, AUD/USD fell below the 0.64 handle but bounced back to retest previous lows, which align with the 38.2% Fibonacci retracement level. This area is expected to attract sellers, potentially driving the price down to the 0.6272 levelh
• Economic Indicators: The US economic indicators have been strong, with the CPI beating expectations for the third consecutive month and retail sales also surpassing forecasts. This strength in the US economy could be contributing to a bearish outlook for AUD/USD as it suggests continued robustness in the US dollar
• Market Sentiment: The divergence on the 4-hour chart with the MACD indicates weakening momentum for the AUD, often followed by pullbacks or reversals. This technical signal could be leading traders to adopt a bearish stance on the pair
It's important to note that market conditions can change rapidly, and traders should always perform their own analysis or consult with a financial advisor before making trading decisions.
• Economic Indicators: The US economic indicators have been strong, with the CPI beating expectations for the third consecutive month and retail sales also surpassing forecasts. This strength in the US economy could be contributing to a bearish outlook for AUD/USD as it suggests continued robustness in the US dollar
• Market Sentiment: The divergence on the 4-hour chart with the MACD indicates weakening momentum for the AUD, often followed by pullbacks or reversals. This technical signal could be leading traders to adopt a bearish stance on the pair
It's important to note that market conditions can change rapidly, and traders should always perform their own analysis or consult with a financial advisor before making trading decisions.
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