AUDUSD Weekly Outlook
USD slightly recovered from the overall weekly loss on Friday night with the release of UoM figure at 55.1 actual vs 52.5 forecast.
DXY of which tracks the strength of the USD against a basket of major currencies hovering at the level of 105.67 for the close of the weekend.
Recently USD weakness due to weaker July22 US CPI data at 8.5% on last Wednesday of which raises FED’s hawkishness stance on coming FOMC meeting at Sept22.
Major indices like DOW30 gained for the week leads to the risk currencies like Aussie traded at monthly high close to 0.7130+-
Technically AUDUSD comes to a point where major resistant at 0.7140+- from the D1 timeframe perspective. Formation of the rising wedge pattern confluence with the H4 resistant zone likely to provide a sell opportunity in the case of break of structure or break of trendline at lower timeframe happen as Monday NA session.
Look for sell opportunity if there is a price rejection happen at this area to its nearest support at 0.7030+-
DXY of which tracks the strength of the USD against a basket of major currencies hovering at the level of 105.67 for the close of the weekend.
Recently USD weakness due to weaker July22 US CPI data at 8.5% on last Wednesday of which raises FED’s hawkishness stance on coming FOMC meeting at Sept22.
Major indices like DOW30 gained for the week leads to the risk currencies like Aussie traded at monthly high close to 0.7130+-
Technically AUDUSD comes to a point where major resistant at 0.7140+- from the D1 timeframe perspective. Formation of the rising wedge pattern confluence with the H4 resistant zone likely to provide a sell opportunity in the case of break of structure or break of trendline at lower timeframe happen as Monday NA session.
Look for sell opportunity if there is a price rejection happen at this area to its nearest support at 0.7030+-
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