The Aussie rode the greenback’s weakness hard once again and the local dollar was inspired by a reading of consumer inflation expectations that appears to but the official 2-3% inflation range set by the RBA out of reach. The 3.8% reading of consumer price expectations from the Melbourne Institute for Social and Economic Research is unwelcome news for the central bank but for now having raised rates to 4.5% it can possibly be glossed over while the Federal Reserve determines how to stimulate the world’s largest economy.
. The ascent marks an eighth straight week of gains for the currency against the dollar but with the unit today trading at around 0.9995 . Nevertheless enthusiasm for the local dollar remains strong heading into the weekend. The Aussie remains underpinned by recent events in which a decline in the value of the greenback set against the background of advances in Asian demand has boosted the price the country achieves for its mineral and commodity exports. The tone remains buoyant with expectations of an imminent assault on the $1.00 mark. Lifting the Aud/usd currency pair beyond 1.0150 cannot be discarded near term.
Daily Chart AUD/USD
Aud/Usd H4 Chart
The AUD/USD currency pair is rather bullish near term,
On the Daily Chart with trend line, the upper trend line(in red) and wave marked "5" may be crossed near 1.0150 maximum, prior to its Bearish reversal
On the H4 Chart, hitting below 0.9730 , being the Ichimoku Cloud Bottom Support ( also near the 23,6 % Fibo Retr) will confirm its bearish reversal., with first Target being 0.9691 (0.00 % Fibo Retr) , follows by 0.9539(its recent low)
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