AUDUSD Weekly Forecast CashRate | 4th June 2023

4 июн. 2023 г.

Fundamental Backdrop

• RBA Gov Lowe mentioned "Very Much in Data-Dependent Mode on Interest Rates", "Monetary Policy in Restrictive Territory"
  
• This means that the RBA is closely monitoring economic data and could potentially continue increasing interest rates
  
• CPI y/y also increased from 6.3% to 6.8%, this shows inflation is still on a strong rise which can lead to an increase in interest rates.
  
• Cash Rate on Tuesday expected to maintain at 3.85%
  

Technical Confluences

• Near-term resistance level at 0.66196
  
• Next resistance at 0.67860
  
• Near-term support level at 0.65220
  

Idea
If the RBA chooses to maintain its cash rate at 3.85% on Tuesday, we could see the AUD drop towards the near-term support at 0.65220.

However, if the unexpected occurs and the RBA chooses to increase its interest rates, we could see the price rise above the near-term resistance level at 0.66196, before heading towards the next resistance at 0.67860.






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