Daily Market Analysis 29/07/2021: AUDUSD

Instrument: AUDUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 0.74152 with take profit at 0.74320.
Bearish Preference: 
Sell position is envisaged if price trades below 0.73730 with take profit at 0.73548.
USD 1:30 PM Advance GDP q/q
                       Advance GDP                               Price Index q/q
                       Unemployment                             Claims

Comment: The U.S. central bank kept interest rates steady on Wednesday at the end of its latest two-day meeting, as widely expected, while suggesting that the U.S. economy was making progress towards the levels where the Fed members would agree to tapering monthly bond purchases. His comments mean that investors will be keeping a close eye on the latest economic data. The weekly initial jobless claims,  are set to show a continued decline, while the second quarter GDP release at the same time is expected to show 8.5% annualized growth, a sharp increase from the 6.4% growth seen in the previous quarter.

Analysis: SCRUM Team

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