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Instrument: AUDUSD
Bullish Preference:
A buy position is envisaged if the price trades above 0.64593 with take profit at 0.64691
Bearish Preference:
A sell position is envisaged if the price trades below 0.64452 with take profit at 0.64385.
Fundamentals:
USD
1:30 PM Empire State Manufacturing Index
3:00 PM Prelim UoM Consumer Sentiment
Comment:
The AUD/USD currency pair has been climbing for the second consecutive day, reaching a nearly two-week high during Friday’s Asian trading session. The pair’s increase is largely attributed to optimism over additional stimulus from China and positive Chinese economic data.
However, any significant USD corrective decline from over a six-month high reached on Thursday appears limited due to growing consensus that the Federal Reserve (Fed) will maintain its hawkish stance. This perception might deter investors from placing aggressive bets on the AUD/USD pair.
Analysis: SCRUM Team
