Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD consolidates around 0.6290,bias is bullish

• AUD/USD held steady on Tuesday as traders awaited Australia’s Federal Budget and monthly inflation data for further clarity on interest rate policy.

• Details of the budget will be announced by Treasurer Jim Chalmers in parliament at 1930 local time (0830 GMT).

• Markets are not expected to react significantly to the announcement, with investors likely focusing instead on broader economic indicators and global market trends.

• Looking ahead, Australia’s February inflation data is set for release on Wednesday, with forecasts pointing to a 2.5% annual rise.

• At GMT 05:55, The Australian dollar  was last  trading up 0.16% to $0.6279

•  Immediate resistance is located at 0.6309 (50%fib), any close above will push the pair towards 0.6369(61.8%fib).

•  Support is seen at 0.6251(38.2%fib) and break below could take the pair towards 0.6183(Lower BB).

 Recommendation: Good to sell around 0.6290, with stop loss of 0.6380 and target price of 0.6250

FastComments.com
  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.