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Instrument: AUDUSD
Bullish Preference:
Buy position is envisaged if price trades above 0.63251 WithTake profit at 0.63365
Bearish Preference:
Sell position is envisaged if price trades below 0.63025 with Take profit at 0.62895
Fundamentals:
3PM USD: JOLTS Job Openings
4:30 AM AUD: Cash Rate
4:30 AM RBA Rate Statement
Comment:
The Australian dollar held early losses after the Reserve Bank of Australia (RBA) kept benchmark interest rates steady, in line with market expectations.
RBA kept the benchmark rate steady at 4.1% for the fourth straight month but said some further tightening of monetary policy may be required as inflation remains still too high and the labour market remains strong. The central bank maintained its central forecast for inflation returning to the 2-3% target range by late 2025.
On technical charts, AUD/USD has gone sideways over the past month, with stiff resistance at the late-August high of 0.6525 and quite strong support at the August low of 0.6350. For immediate downside risks to fade, AUD/USD needs to rise above 0.6525.
Analysis: SCRUM Team
