AUD/USD Pathway Analysis - UPSIDE BIAS
The Strong Rejection of the Downside below 0.6400 has been tempered by the FOMC minutes and stronger US Confidence data and the AUD/USD has pulled back from 0.6700. Support has been found at 0.6590 and we are currently on Front Foot into 0.6630.
Aussie has a couple of risk events with Aussie Retail Sales Tuesday which were weak last month and then the Monthly CPI Figures Wednesday forecast at 3.4% vs. 3.5% previously.
The other side of the equation USD is struggling to make further gains with US 2 year interest rates hitting super strong resistance at 5.0% and unless we can somehow break above we are going to see range trading to USD weakness in coming sessions.
US Data is light but Core PCE a FED favoured measure is out on Friday and another key potential market mover. A weaker data point forecast at 0.2% vs 0.3% and Personal Income forecast at 0.3.% vs. 0.5%.
Looking for AUD/USD dips to be bought at 0.6600 for eventual retest of 0.6700. Sideways trading very likely though so taking profits 0.6640-50 likely a few times till later in Week.
Aussie has a couple of risk events with Aussie Retail Sales Tuesday which were weak last month and then the Monthly CPI Figures Wednesday forecast at 3.4% vs. 3.5% previously.
The other side of the equation USD is struggling to make further gains with US 2 year interest rates hitting super strong resistance at 5.0% and unless we can somehow break above we are going to see range trading to USD weakness in coming sessions.
US Data is light but Core PCE a FED favoured measure is out on Friday and another key potential market mover. A weaker data point forecast at 0.2% vs 0.3% and Personal Income forecast at 0.3.% vs. 0.5%.
Looking for AUD/USD dips to be bought at 0.6600 for eventual retest of 0.6700. Sideways trading very likely though so taking profits 0.6640-50 likely a few times till later in Week.
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