The Australian Dollar reversed its course and registered losses of 0.60% against the US Dollar on Tuesday, even though data from the United States sparked speculations that the Fed would cut rates in the year.
AUD/USD declines to 0.6648, down 0.60%, despite speculation of Fed rate cuts due to weaker US data. US job openings fall to 8.059 million in April, the lowest since early 2021, below estimates. Upcoming Australian PMIs and Q1 GDP figures expected to show 0.2% QoQ and 1.2% YoY growth. As the Wednesday Asian session begins, the AUD/USD trades at 0.6648, virtually Unchanged.
AUD/USD Price Analysis: Technical outlook On Monday, I wrote, “From a technical perspective, a ‘double bottom’ chart pattern looms, which could pave the way to test 0.6750 and beyond. However, to confirm its validity, buyers must crack the latest cycle high of 0.6714.” It should be said that the ‘double bottom’ has been invalidated, as the AUD/USD formed a ‘bearish engulfing’ candle pattern, paving the way for further losses. With that said, if sellers push the price below 0.
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