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24 December 2024,02:10
Trade Of The Day
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24 December 2024, 02:10
* RBA Retreat: The Australian Dollar continues to face pressure against the US Dollar after the Reserve Bank of Australia’s (RBA) December Meeting Minutes highlighted diminished upside risks to inflation. This has strengthened expectations for a possible rate cut in early 2025, weighing heavily on investor sentiment toward the currency. Adding to the challenges, worries over China’s weak economic recovery and its vital role in driving Australian exports, along with heightened tensions from the US-China trade war, have further eroded confidence. As a result, the Aussie dollar remains under significant strain with limited prospects for a near-term recovery.
* Technical Breakout: AUDUSD was traded lower while currently testing the support level 0.6220. MACD which illustrate diminishing bullish momentum 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 0.60650 after it breach below the level 0.6220. Conversely, a potential reversal is also to be expected and the price could head back towards 0.63800.
As the holiday season begins and the economic calendar remains relatively light, market sentiment is expected to be the primary driver of market activity. However, U.S. data releases, including Durable Goods Orders and Initial Jobless Claims, may still generate some market movement.
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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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
23 December 2024, 02:34 GBP/JPY Holds Strong Following BoJ’s Dovish Stance
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