AUDUSD: FUTHER GAINS COULD BE LIMITED FOR AUD
AUDUSD : Limited scope for further gains in the current difficult market environment.
The RBA has hiked its key rate slightly more than the market expected fro 0.10% to 0.35% with no clue communicated about the extent of the next rate steps. The market is expecting a key rate hike at each of the coming meetings so it seems to have been prices in the markets already. That means there is likely to be limited scope for futhur AUD gains in the current rather difficult market environment unless futher hawkish RBA comments confirm the market view
However, the USD's rebound backed by the firmer Treasury yeilds seems to challenge the AUDUSD bulls. The war also contributing to market fears that the Fed will do whatever it takes to calm inflation
A break of 0.7090 directed bulls toward March's low of 0.7165. Alternatively, pullback moves may intially aim for the support at 0.7030 ahead of the 0.7000 threshold
This is an article, not financial advice , always do your own research.
If you have any questions, you can write it in the comments below and i will answer them
And please don't forget to support this idea with your like and comment
The RBA has hiked its key rate slightly more than the market expected fro 0.10% to 0.35% with no clue communicated about the extent of the next rate steps. The market is expecting a key rate hike at each of the coming meetings so it seems to have been prices in the markets already. That means there is likely to be limited scope for futhur AUD gains in the current rather difficult market environment unless futher hawkish RBA comments confirm the market view
However, the USD's rebound backed by the firmer Treasury yeilds seems to challenge the AUDUSD bulls. The war also contributing to market fears that the Fed will do whatever it takes to calm inflation
A break of 0.7090 directed bulls toward March's low of 0.7165. Alternatively, pullback moves may intially aim for the support at 0.7030 ahead of the 0.7000 threshold
This is an article, not financial advice , always do your own research.
If you have any questions, you can write it in the comments below and i will answer them
And please don't forget to support this idea with your like and comment
