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Instrument: AUDUSD
Bullish Preference:
Buy position is envisaged if price trades above 0.63705 WithTake profit at 0.63812
Bearish Preference:
Sell position is envisaged if price trades below 0.63419 with Take profit at 0.63324
Fundamentals:
11:35AM AUD RBA Gov Bullock Speaks
1:30PM USD Core Retail Sales m/m
Retail Sales m/m
Comment:
Australian Prime Minister Anthony Albanese said on Tuesday he remained “very hopeful of a breakthrough” in a trade dispute with China over wine tariffs, as a deadline for the publication of a World Trade Organization ruling nears.
After a steep sell-off late last week, the Aussie rebounded against the U.S. dollar, boosted by optimistic sentiment, with the upswing in Wall Street’s equity markets providing support to more risk-oriented currencies. Against this backdrop, AUD/USD advanced nearly 0.8% to 0.6343, coming within striking distance from overtaking overhead resistance in the 0.6350 area.
Analysis: SCRUM Team
