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8 October 2024,02:02
Trade Of The Day
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8 October 2024, 02:02
* Cautious Approach: The Australian dollar continue to extend losses against the U.S. dollar as markets assess the RBA’s September meeting minutes, which reflect a cautious approach. The Reserve Bank of Australia’s board considered both rate cuts and hikes but ultimately decided the current cash rate is the best course to manage inflation risks and the labor market. Additionally, the Aussie is under pressure from a strong U.S. dollar, supported by fading hopes of a large Fed rate cut. After strong U.S. jobs data, the chance of a 50-basis-point cut in November or December is now zero, with a 90% likelihood of a 25-basis-point cut next month.
* Technical Breakout: : AUDUSD was traded lower while currently testing the support level 0.67550. MACD which illustrates persistent bearish momentum signal suggest the pair to likely extend its losses further.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the support level 0.66900 after it breach below the level 0.67550. Conversely, a potential reversal is also to be expected and the price could head back towards 0.68200.
Looking ahead, investors will turn their attention to key U.S. economic releases, including inflation data, jobless claims, FOMC Meeting Minutes, all of which are expected to capture market focus this week.
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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