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12 August 2024,02:31
Trade Of The Day
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12 August 2024, 02:31
* RBA Fuel: The Australian dollar has gained strength against the U.S. dollar in response to the RBA’s hawkish remarks. Last week, the RBA held its interest rate steady at 4.35% for the sixth consecutive meeting. RBA Governor Michele Bullock pointed out inflation risks and suggested a potential rate hike if necessary. Westpac analysts now forecast that the first rate cut will be postponed to February 2025, instead of November 2024 as previously predicted. This hawkish stance is likely to bolster the Australian dollar (AUD) in the near term. Additionally, stronger Chinese inflation data has increased demand for the Australian dollar, given the close trade ties between the two countries. China’s Consumer Price Index rose by 0.5% in July, exceeding expectations due to seasonal factors such as weather conditions.
* Technical Breakout: AUDUSD was traded higher following prior rebound from the support level 0.65700. MACD which illustrate diminishing bearish momentum suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.66400. Conversely, a potential reversal is also to be expected and the price could head back towards 0.65100 after it breaks back below the level 0.65700.
Looking forward, traders will closely watch upcoming data from Australia and China, including Australian employment figures, as well as Chinese Retail Sales and Industrial Production, which are set to be released later this week. Additionally, U.S. data will be closely scrutinized as it may also influence market momentum.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Australia data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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