Instrument: AUDUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.71920 with take profit at 0.72096
Bearish Preference:
Sell position is envisaged if price trades below 0.71563 with take profit at 0.71414
Fundamentals:
No major Fundamental.
Comment:
The risk-sensitive Australian Dollar slid sharply versus the US Dollar last week as markets adjusted amid growingly hawkish shifts in Fed rate hike bets. Those shifts saw short-term Treasury yields surge as traders ditched government bonds. A ‘front-loading’ of tightening is being priced in through overnight index swaps, with 50 basis point hikes favored as the base case scenario for the next four FOMC meeting. Outside of the Fed and bets on rate hikes, the market will be watching Australia inflation data for the first quarter due out Wednesday.
Analysis: SCRUM Team