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Instrument: AUDUSD
Bullish Preference:
Buy position is envisaged if price trades above 0.63879 With take profit at 0.64025
Bearish Preference:
Sell position is envisaged if price trades below 0.63567 with Take profit at 0.63419
Fundamentals:
5:30 AUD Cash Rate
RBA Rate Statement
Comment:
The AUD/USD attempted to recover last week alongside the broader risk environment, but much may still await for now, having just reached the 23.6% Fibonacci level of retracement from its July peak to August 2023 bottom. While a bullish crossover on MACD was presented in the daily chart, the risks of a bearish flag formation remain, with a retest of the 0.650 level last Friday met with a bearish rejection. Any breakdown of the upward-sloping consolidation channel may pave the way for a continuation of the downward trend, while on the upside, last Friday’s high may have to be overcome to signal buyers in greater control.
Analysis: SCRUM Team
