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Instrument: AUDUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 0.65550 with take profit at 0.65626
Bearish Preference:
A sell position is envisaged if the price trades below 0.65472 with take profit at 0.65417
Fundamentals:
1: 30 PM Core PCE Price Index m/m Core Durable Goods Orders m/m Durable Goods Orders m/m
Comment:
The Australian dollar fell to around $0.65, sliding back toward its lowest levels in over six months as investors turned cautious ahead of a congressional vote on the tentative US debt ceiling deal and the release of the latest purchasing managers’ index readings in China, Australia’s largest trading partner. Growing expectations that the US Federal Reserve would raise interest rates further and keep them elevated for an extended period also weigh on the Aussie. Domestically, softening economic data bolstered bets that the Reserve Bank of Australia would pause its interest rate hikes next month. The latest data showed that manufacturing activity in Australia stayed contractionary in May, while services activity slowed. The country’s unemployment rate also unexpectedly increased to 3.7% in April, compared with market forecasts for no change at 3.5% which was the lowest in 50 years.
Analysis: SCRUM Team
