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26 April 2024,02:14
Trading BlogTrading Knowledge
26 April 2024, 02:14
* Aussie Ascendancy: The Australian dollar maintains its stability against the US dollar after recording a 0.33% increase on Thursday, driven by a United States report indicating that economic growth is below projections while inflation has accelerated. The US Dollar is facing downward pressure after a GDP report came in weaker than anticipated. The US preliminary Gross Domestic Product Annualized increased by 1.7% in Q1, falling short of estimates of 2.5% and the previous quarter’s reading of 3.4%.This led investors to revise their expectations and rule out potential rate cuts by the Federal Reserve.
* Technical Breakout: AUDUSD was traded higher following recent breakout above the previous resistance level 0.65100. MACD which illustrate bullish momentum signal suggest the pair to further extend its gains.
* Resistance and Targets: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 0.65560. Conversely, a breach back below the level 0.65100 would suggest a technical correction or reversal and head towards 0.64500 level.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, investors will pay close attention to key indicators like the monthly US Core PCE figures. Additionally, market participants will also monitor on central bank updates, with the RBA considered by analysts at Rabobank as the final major G10 central bank expected to lower interest rates.
Know how to manage trading risks with risk management strategies.
Stay updated on US and Australian data, central bank related updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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