AUD/USD – The Aussie Dollar Pair Looks Stuck in a Range as of Now
- Take Profit: 0.6600
- Stop Loss : 0.6750
- Timeline: 1-2 days
- Buy Stop : 0.6700
- Take Profit: 0.6800
- Stop Loss : 0.6600
As of now, the Australian Dollar pair is not showing any signs of a solid trend as it continues to move back and forth within a range. The pair price was quite flat on Wednesday prior to the US CPI data release. The pair was only moving sideways after the NFP data release last Friday. Having a look at the BLS report, we can see that there was a 3.6% drop in the unemployment rate as the job market got a boost with the addition of more than 206k jobs.
The next key data release to keep an eye on is the US inflation data as many economists are expecting a drop in the inflation rate for the month of June. The core inflation is also expected to come down by at least 0.3% becoming 5% in June. However, the Fed has signalled that they will move on with further rate hikes, since the inflation rate is still a lot higher than the target rate of 2%. The DXY also recorded a decline of 1.83% in the week, dropping to $101.66. US bond yields have also dropped ahead of the inflation data release.
On the charts, we can see the pair is sitting between the upper and middle lines of Bollinger Bands. The RSI has moved a little above the neutral point as the pair price is still within the key support level of 0.6600 and key resistance level of 0.6704. The pair price is somewhat choppy even now hence the overall outlook is neutral with bearish bias. But if the price crosses the key resistance level of 0.6705, the bearish view will no longer be valid.
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