AUDUSD 28/05/2024
Macroeconomic News:
The Australian Dollar (AUD) continued to appreciate against the US Dollar (USD) in Tuesday's trading session, despite Australia's Retail Sales data growing weaker than expected, rising only 0.1% in April compared to the anticipated 0.2%. The strength of the AUD was further bolstered by improving risk sentiment and the recent Reserve Bank of Australia (RBA) meeting minutes, which highlighted concerns about persistently high inflation. Simultaneously, the USD weakened due to lower US Treasury yields. According to the CME FedWatch tool, the probability of the Fed cutting interest rates by 25 basis points in September has decreased to 44.9%.
Technical Analysis:
The Australian Dollar traded around 0.6660 on Tuesday. Daily chart analysis shows an upward trend for the AUD/USD pair as it remains within a rising wedge. The 14-day Relative Strength Index (RSI) is above the 50 level, confirming this bullish trend. The pair could target a four-month high of 0.6714, followed by the upper boundary of the ascending triangle around 0.6730. On the downside, the main support is the 21-day Exponential Moving Average (EMA) at 0.6619, followed by the psychological level of 0.6600. If the decline continues, the pair could move towards the support zone around 0.6470.
The Australian Dollar (AUD) continued to appreciate against the US Dollar (USD) in Tuesday's trading session, despite Australia's Retail Sales data growing weaker than expected, rising only 0.1% in April compared to the anticipated 0.2%. The strength of the AUD was further bolstered by improving risk sentiment and the recent Reserve Bank of Australia (RBA) meeting minutes, which highlighted concerns about persistently high inflation. Simultaneously, the USD weakened due to lower US Treasury yields. According to the CME FedWatch tool, the probability of the Fed cutting interest rates by 25 basis points in September has decreased to 44.9%.
Technical Analysis:
The Australian Dollar traded around 0.6660 on Tuesday. Daily chart analysis shows an upward trend for the AUD/USD pair as it remains within a rising wedge. The 14-day Relative Strength Index (RSI) is above the 50 level, confirming this bullish trend. The pair could target a four-month high of 0.6714, followed by the upper boundary of the ascending triangle around 0.6730. On the downside, the main support is the 21-day Exponential Moving Average (EMA) at 0.6619, followed by the psychological level of 0.6600. If the decline continues, the pair could move towards the support zone around 0.6470.
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