Daily Market Analysis 26.05.2023: AUDUSD

Instrument: AUDUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 0.65471 with take profit at 0.65571.
Bearish Preference: 
Sell position is envisaged if price trades below 0.65333 with take profit at 0.65232.
1:30 PM USD  Core PCE Price Index
1:30 PM USD Goods trade balance
3:00 PM USD Revised UoM sentiment

The Australian dollar is looking vulnerable as it tests key support against the US dollar, a break below which could lead to further losses in the near term. AUD has been hurt by a mix of factors recently: a setback in risk sentiment amid the lack of meaningful progress in Washington over raising the debt limit, a trimming back of rate cut expectations after hawkish speak from US Federal Reserve officials, and underwhelming Australia data (jobs data being the most recent).

Analysis: SCRUM Team

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