AUDUSD | It's time to go long towards 0.67

1月29日

The AUD/USD aims to maintain a stable situation above the level of 0.6600 in a week filled with events. A reduction in inflation in Australia could bring some relief to the Reserve Bank of Australia (RBA). The US Dollar Index (DXY) has recorded an increase to around 103.64, driven by escalating geopolitical tensions that have increased its appeal as a safe haven. However, yields on US ten-year Treasury bonds have decreased to approximately 4.12%. Investors expect the Federal Reserve to keep interest rates unchanged in the range of 5.25% to 5.50% for the fourth consecutive time. So far, Fed decision-makers have emphasized that premature rate cuts should be avoided until they are confident in a sustainable return of inflation to the 2% target. Premature rate cuts could lead to an overall increase in demand, subsequently putting pressure on prices. In addition to the Fed policy, attention will be focused on economic indicators such as JOLTS Job Openings, ADP Employment Change, and ISM Manufacturing PMI data. Regarding the Australian Dollar, investors are eagerly awaiting inflation data scheduled for Wednesday. Forecasts indicate an 8% increase in price pressures in the last quarter of 2023, compared to the 1.2% growth observed in the July-September quarter. Easing inflationary pressures could provide relief to decision-makers at the Reserve Bank of Australia (RBA). After an upward start on December 6 with the break of some support zones and the formation of an order block at the level of 0.6550, the market reached a peak at the level of 0.6870 before retracing to the order block after about a month and a half. Since then, the price has started forming a substitute structure with a series of H4 candles, and it could proceed to break the FVG just above the resistance level at 0.67. Greetings and happy trading to everyone.

1月30日

ノート

Good reaction of the price on the retest of the bullish trendline.