AUDUSD || Update
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Key Points
DXY: Dollar Logs 12th Winning day in a Row as upbeat US Data Boosts Greenback's Appeal
Key points:
US dollar rallies big time
Markets look to retail sales
The American currency has strengthened against its forex peers as the flexing US economy is confidently headed toward a softer landing -strategist.
• The US dollar index DXY is on a tear. A powerful rally has swept forex markets, taking the
dollar on a journey toward higher grounds - so much so it's on track to wrap up the thirteenth straight day of gains. The Dollar is up 3% over the past twelve trading days, ravaging the valuation of its peer currencies, with its index trading above 103.30.
• The economy is looking set to perform the soft landing where with inflation down, rates could finally move lower and possibly no recession . America's biggest banks JPMorgan [JPM] and Goldman Sachs posted solid third-quarter results.
• Looking ahead, the US dollar's rise could be further supported by September's retail sales report set to be released on Thursday, which would shed light on how confident the aggregate measure of sales of retail goods and services were for over a period of a month.
As bears took over the AUDUSD market causing a -3.37% move from Sept 2024 high [previous post indicated price [May] retrace towards key psychological resistance at the 0.685/0.68]. The pair broke the ascending triangle formed last week and continued its rally down towards the key level around 0.67214 0.67153 0.67070 which held support to the pair last week. Currently, the pair has broken and retested the key level at 0.67070 and is possibly going to rally towards support level at 0.667 with 0.662 in sight.
Key Levels
0.685
0.68
0.67
0.66
0.695
Key Points
DXY: Dollar Logs 12th Winning day in a Row as upbeat US Data Boosts Greenback's Appeal
Key points:
US dollar rallies big time
Markets look to retail sales
The American currency has strengthened against its forex peers as the flexing US economy is confidently headed toward a softer landing -strategist.
• The US dollar index DXY is on a tear. A powerful rally has swept forex markets, taking the
dollar on a journey toward higher grounds - so much so it's on track to wrap up the thirteenth straight day of gains. The Dollar is up 3% over the past twelve trading days, ravaging the valuation of its peer currencies, with its index trading above 103.30.
• The economy is looking set to perform the soft landing where with inflation down, rates could finally move lower and possibly no recession . America's biggest banks JPMorgan [JPM] and Goldman Sachs posted solid third-quarter results.
• Looking ahead, the US dollar's rise could be further supported by September's retail sales report set to be released on Thursday, which would shed light on how confident the aggregate measure of sales of retail goods and services were for over a period of a month.
As bears took over the AUDUSD market causing a -3.37% move from Sept 2024 high [previous post indicated price [May] retrace towards key psychological resistance at the 0.685/0.68]. The pair broke the ascending triangle formed last week and continued its rally down towards the key level around 0.67214 0.67153 0.67070 which held support to the pair last week. Currently, the pair has broken and retested the key level at 0.67070 and is possibly going to rally towards support level at 0.667 with 0.662 in sight.
Key Levels
0.685
0.68
0.67
0.66
0.695
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