🔰 Pair Name : AUD/USD
🔰 Time Frame : 4hrs
🔰 Scale Type : MID Scale
🔰 Direction : SHORT/ SELL
The AUD/USD pair encountered strong resistance near 0.6750 during a hesitant pullback in the late European session,we are expecting the price to go possible higher high at the liquidity key high area 0.67788 area before further sell. As investors approach the Federal Reserve's (Fed) upcoming interest rate policy announcement on July 26, caution prevails, leading to fading recovery momentum in the Aussie asset.
Meanwhile, the US Dollar Index (DXY) is gaining strength, aiming to reclaim its intraday high of 101.41, as investors anticipate a possible interest rate hike by the Fed after skipping it in June.
Ahead of the inflation data for the second quarter, the Australian Dollar is expected to exhibit strong movements. The consensus predicts a 1.0% increase in inflation on a quarterly basis, compared to the previous 1.4%. Additionally, the Annual Consumer Price Index (CPI) is projected to decline to 6.2% from the previous release of 7.0%.
Technical analysis reveals that AUDUSD faces selling pressure in its attempt to breach the horizontal resistance drawn from June 16 high around 0.6900. The presence of a Double Top chart pattern indicates a potential bearish reversal. The 20-period Exponential Moving Average (EMA) at 0.6758 acts as a barrier for the bullish momentum in the Aussie asset.
Looking ahead, a downward move below the immediate support at 0.6700 could expose the asset to further declines towards the July 11 low at 0.6650, followed by the round-level support at 0.6600 as our target area.
On the other hand, a recovery beyond the July 20 high at 0.6847 would propel the asset towards the June 16 high of approximately 0.6900. A break above the latter level could lead to further gains, targeting the February 16 high at 0.6936.
As a professional trader, it's essential to closely monitor these technical and fundamental factors to make informed trading decisions and navigate potential opportunities and risks in the AUDUSD pair. 📈💼💡
🔰 Time Frame : 4hrs
🔰 Scale Type : MID Scale
🔰 Direction : SHORT/ SELL
The AUD/USD pair encountered strong resistance near 0.6750 during a hesitant pullback in the late European session,we are expecting the price to go possible higher high at the liquidity key high area 0.67788 area before further sell. As investors approach the Federal Reserve's (Fed) upcoming interest rate policy announcement on July 26, caution prevails, leading to fading recovery momentum in the Aussie asset.
Meanwhile, the US Dollar Index (DXY) is gaining strength, aiming to reclaim its intraday high of 101.41, as investors anticipate a possible interest rate hike by the Fed after skipping it in June.
Ahead of the inflation data for the second quarter, the Australian Dollar is expected to exhibit strong movements. The consensus predicts a 1.0% increase in inflation on a quarterly basis, compared to the previous 1.4%. Additionally, the Annual Consumer Price Index (CPI) is projected to decline to 6.2% from the previous release of 7.0%.
Technical analysis reveals that AUDUSD faces selling pressure in its attempt to breach the horizontal resistance drawn from June 16 high around 0.6900. The presence of a Double Top chart pattern indicates a potential bearish reversal. The 20-period Exponential Moving Average (EMA) at 0.6758 acts as a barrier for the bullish momentum in the Aussie asset.
Looking ahead, a downward move below the immediate support at 0.6700 could expose the asset to further declines towards the July 11 low at 0.6650, followed by the round-level support at 0.6600 as our target area.
On the other hand, a recovery beyond the July 20 high at 0.6847 would propel the asset towards the June 16 high of approximately 0.6900. A break above the latter level could lead to further gains, targeting the February 16 high at 0.6936.
As a professional trader, it's essential to closely monitor these technical and fundamental factors to make informed trading decisions and navigate potential opportunities and risks in the AUDUSD pair. 📈💼💡
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