AUDUSD Weekly Forecast CashRate | 4th June 2023
Fundamental Backdrop
Technical Confluences
Idea
If the RBA chooses to maintain its cash rate at 3.85% on Tuesday, we could see the AUD drop towards the near-term support at 0.65220.
However, if the unexpected occurs and the RBA chooses to increase its interest rates, we could see the price rise above the near-term resistance level at 0.66196, before heading towards the next resistance at 0.67860.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
- RBA Gov Lowe mentioned "Very Much in Data-Dependent Mode on Interest Rates", "Monetary Policy in Restrictive Territory"
- This means that the RBA is closely monitoring economic data and could potentially continue increasing interest rates
- CPI y/y also increased from 6.3% to 6.8%, this shows inflation is still on a strong rise which can lead to an increase in interest rates.
- Cash Rate on Tuesday expected to maintain at 3.85%
Technical Confluences
- Near-term resistance level at 0.66196
- Next resistance at 0.67860
- Near-term support level at 0.65220
Idea
If the RBA chooses to maintain its cash rate at 3.85% on Tuesday, we could see the AUD drop towards the near-term support at 0.65220.
However, if the unexpected occurs and the RBA chooses to increase its interest rates, we could see the price rise above the near-term resistance level at 0.66196, before heading towards the next resistance at 0.67860.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.