AUD/USD, H4 7 March 2024
AUD/USD benefits from additional US Dollar losses, aligning with a significant pullback in US Treasury yields amid speculation about an anticipated interest rate cut by the Federal Reserve in June. Ongoing developments in China warrant scrutiny, with potential stimulus measures providing temporary relief. Sustained positive economic indicators and a revival in the Chinese economy are crucial factors for fostering a robust upward trend in AUD/USD, further supported by rising commodity prices. Investors should remain attentive to these dynamics for potential trading signals.
AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout.
Resistance level: 0.6575, 0.6615📉
Support level: 0.6535, 0.6485📈
AUD/USD benefits from additional US Dollar losses, aligning with a significant pullback in US Treasury yields amid speculation about an anticipated interest rate cut by the Federal Reserve in June. Ongoing developments in China warrant scrutiny, with potential stimulus measures providing temporary relief. Sustained positive economic indicators and a revival in the Chinese economy are crucial factors for fostering a robust upward trend in AUD/USD, further supported by rising commodity prices. Investors should remain attentive to these dynamics for potential trading signals.
AUD/USD is trading higher while currently testing the resistance level. Suggesting the pair might extend its gains after breakout.
Resistance level: 0.6575, 0.6615📉
Support level: 0.6535, 0.6485📈