AUD/USD struggles to break above key technical level
The current market conditions for the #AUDUSD pair are mixed, with a number of fundamental factors impacting its performance.
While the RBA's surprise interest rate hike provides some support for the Australian dollar, the mixed Chinese trade data, risk-off sentiment, follow-through USD buying, and less hawkish outlook from the Fed are exerting downward pressure on the pair.
Market participants will be closely watching for the release of the latest US consumer inflation figures and other upcoming events to gauge the pair's future direction.
TRADE IDEA DETAILS
CURRENCY PAIR: #AUDUSD
CURRENT TREND: Bearish
TRADE SIGNAL: ↘️Sell
👉ENTRY PRICE: 0.6770
✅TAKE PROFIT: 0.6700
❌STOP LOSS: 0.6810
#AUDUSD #forextrading #marketanalysis #Fed #RBAratehike
While the RBA's surprise interest rate hike provides some support for the Australian dollar, the mixed Chinese trade data, risk-off sentiment, follow-through USD buying, and less hawkish outlook from the Fed are exerting downward pressure on the pair.
Market participants will be closely watching for the release of the latest US consumer inflation figures and other upcoming events to gauge the pair's future direction.
TRADE IDEA DETAILS
CURRENCY PAIR: #AUDUSD
CURRENT TREND: Bearish
TRADE SIGNAL: ↘️Sell
👉ENTRY PRICE: 0.6770
✅TAKE PROFIT: 0.6700
❌STOP LOSS: 0.6810
#AUDUSD #forextrading #marketanalysis #Fed #RBAratehike