AUD/USD – Week 4 – Bigger degree correction started
The Australian economy has continued to strongly recover, as the unemployment rate slid to 6.6% in December while the country’s composite PMI data for January rose to 56. This was mostly influenced by the successful suppression of Covid-19 that has allowed Australia to return to a level of normality. Looking ahead to this week, Q4 inflation data will be eyed by investors on Wednesday to determine the potential path for Australia’s monetary policy.
Our technical perspective points out for a weaker Australian Dollar, with a bigger bearish sideways move on the cards. At the moment, we are hanging around the upper trendline, with a slim chance to break the top again. However, we will wait for a solid breakout underneath the trendline in order to confirm the start of the downtrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Our technical perspective points out for a weaker Australian Dollar, with a bigger bearish sideways move on the cards. At the moment, we are hanging around the upper trendline, with a slim chance to break the top again. However, we will wait for a solid breakout underneath the trendline in order to confirm the start of the downtrend.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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