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14 August 2024,02:08
Trade Of The Day
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14 August 2024, 02:08
* Hawkish RBA: The Australian dollar has gained further strength against the US dollar, following a hawkish shift by the Reserve Bank of Australia (RBA). In economic updates, Australia’s Westpac Consumer Confidence rose by 2.8% in August, rebounding from a 1.1% drop in July. The Wage Price Index also increased by 0.8% in the second quarter, slightly below the 0.9% forecast. This wage growth could boost disposable income and consumer spending, potentially driving demand-led inflation. The RBA’s stance comes amid warnings from Governor Michele Bullock about the possible necessity of a rate hike to manage inflation.
* Technical Breakout: AUDUSD was traded higher while currently testing the resistance level 0.66400. MACD which illustrate bullish bias signal suggest the pair to likely extend its gains after it breaks above the level.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.67000 after it breach above the level 0.66400. Conversely, a potential reversal is also to be expected and the price could head back towards 0.65700.
Looking ahead, traders are set to closely monitor key US economic data releases this week, which are expected to provide further insights.
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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