Instrument: AUDUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 0.66960 with take profit at 0.67105.
Bearish Preference:
A Sell position is envisaged if the price trades below 0.66756 with take profit at 0.66650.
Fundamentals:
3PM USD CB Consumer Confidence
Comment:
Receding fears of a full-blown banking crisis remain supportive of a generally positive risk tone, which, in turn, continues to weigh on the safe-haven US Dollar (USD) and benefits the risk-sensitive Australian Dollar. The takeover of Silicon Valley Bank by First Citizens Bank & Trust Company calmed market nerves about the contagion risk. Furthermore, regulators reassured that they stood ready to address any liquidity shortfalls which helped reverse the recent negative sentiment and boosted investors’ confidence.
Analysis: SCRUM Team
