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Instrument: AUDUSD
Bullish Preference:
Buy position is envisaged if price trades above 0.64408 With take profit at 0.64512
Bearish Preference:
Sell position is envisaged if price trades below 0.64097 with Take profit at 0.63993
Fundamentals:
4:30AM AUD: Cash Rate
RBA Rate Statement
Comment:
The Australian dollar has held onto last week’s gains after the US Non-Farm Payroll (NFP) report missed estimates causing a dip in US Treasury yields. Implied Fed funds futures show a dovish repricing of interest rate expectations to roughly 95bps of cumulative rate cuts by December 2024 vs 60bps just a few weeks ago. This may an overreaction as one data print does not make a trend and further confirmation will be required in the coming months.
Analysis: SCRUM Team
