AUD/USD: The Underdog Ready to Roar! Don't Miss the Rally!
Technical Overview:
AUD/USD is currently trading around 0.6470, showing signs of life after Australia's upbeat Private Capital Expenditure for Q2 and China's moderate economic data. With capital expenditure intentions in Australia rising to 2.8%, against the expected 1.2%, the pair is poised for a bullish run.
Fundamental Overview:
China's August NBS Manufacturing PMI data showed an improvement, printing a reading of 49.7 compared to the market consensus of 49.24. This adds another layer of support to the AUD. However, the US Dollar Index (DXY) is trading higher around 103.40, but it's under pressure due to disappointing US economic data, including a sharp decline in the number of jobs generated in August.
Market Sentiment:
The Greenback is experiencing downward pressure due to a pullback in US Treasury yields. This could be the perfect storm for AUD/USD to capitalize on, especially with upcoming US data releases that could further weaken the USD.
Final Thoughts:
Given the current technical and fundamental landscape, AUD/USD is a pair you can't afford to ignore. Whether you're a seasoned trader or a newbie, this pair offers a golden opportunity for substantial gains. Time to jump in and ride the wave to profits! 🚀📈
AUD/USD is currently trading around 0.6470, showing signs of life after Australia's upbeat Private Capital Expenditure for Q2 and China's moderate economic data. With capital expenditure intentions in Australia rising to 2.8%, against the expected 1.2%, the pair is poised for a bullish run.
Fundamental Overview:
China's August NBS Manufacturing PMI data showed an improvement, printing a reading of 49.7 compared to the market consensus of 49.24. This adds another layer of support to the AUD. However, the US Dollar Index (DXY) is trading higher around 103.40, but it's under pressure due to disappointing US economic data, including a sharp decline in the number of jobs generated in August.
Market Sentiment:
The Greenback is experiencing downward pressure due to a pullback in US Treasury yields. This could be the perfect storm for AUD/USD to capitalize on, especially with upcoming US data releases that could further weaken the USD.
Final Thoughts:
Given the current technical and fundamental landscape, AUD/USD is a pair you can't afford to ignore. Whether you're a seasoned trader or a newbie, this pair offers a golden opportunity for substantial gains. Time to jump in and ride the wave to profits! 🚀📈
Comment:
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