The Aussie dollar breaks out from a head and shoulder pattern suggests that price will likely see more pressure to the downside. However, the AUDUSD chart seemed to bounce from support level of a falling wedge after Friday’s NFP data release failed to boost the US dollar. With the price currently aiming for the 0.7600 resistance level, one major event that will be in focus is the RBA rate statement.
With no interest rate changes expected from the Australian Central Bank, traders will be looking for guidance from RBA policymakers regarding its bond purchase programme.
Going into Tuesday’s major economic event, AUDUSD is already gaining momentum towards a resistance level at 0.7600. A hawkish RBA could add the much-needed catalyst for the price to go above the near-term resistance with a bigger picture of a falling wedge in play.
European indices on the rise despite French industrial production weakness Apple buyback helps sooth investors…
With April behind us, what are the big trends we should be following into May?…
Traders are increasingly concerned over the possibility that we see inflation rear its head again,…
FTSE 100 continues to outperform Federal Reserve ease concerns for now, with eyes turning to…
European inflation data starts to raise questions over ECB June easing Chinese real estate sector…
Darktrace buyout brings fresh concerns over UK valuations BoJ keep rates steady, sending JPY lower…