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9 December 2024,02:14
Trade Of The Day
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9 December 2024, 02:14
* Labor Lift: The AUD/USD pair is under significant pressure, nearing its August lows after the release of November’s US Nonfarm Payrolls (NFP) data. The US Bureau of Labor Statistics (BLS) reported a strong increase of 227,000 jobs, well above the prior 12,000 gain and exceeding the expected 200,000. Furthermore, Monthly Average Hourly Earnings rose by 0.4%, matching the previous month’s growth and surpassing the forecast of 0.3%. Additionally, mounting expectations of an interest rate cut by the Reserve Bank of Australia (RBA) added further downward pressure on the Australian Dollar.
* Technical Breakout: AUDUSD was traded lower following recent breakout below the previous support level 0.6400. MACD which illustrate bearish bias signal suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 0.62800. Conversely, a potential reversal is also to be expected and the price could head back towards 0.65400.
Looking ahead, market participants will closely monitor the RBA Interest Rate Decision on Tuesday, with expectations that the Australian central bank is expected to maintain the benchmark interest rate at 4.35%. However, the weak Q3 GDP growth figures for Australia leave room for a potential dovish surprise. Additionally, key U.S. economic data, including CPI and PPI reports, will remain in focus for further market direction.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Australian 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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27 December 2024, 02:21 Euro Falls in Light Holiday Session, Dovish ECB Outlook
26 December 2024, 02:15 Yen Falls Further Amid BoJ Uncertainty on Rate Hikes
24 December 2024, 02:10 Australian Dollar Struggles Following RBA Meeting Minutes
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