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Daily Market Analysis 06.06.2023: AUDUSD

Instrument: AUDUSD

Technical Analysis

Bullish Preference: 
A buy position is envisaged if the price trades above 0.66803 with a take profit at  0.66933
Bearish Preference: 
A sell position is envisaged if the price trades below 0.66518 with a take profit at 0.66368
Fundamentals:
5 AM AUD: RBA Rate Statement Cash Rate

Comment: 
The US Dollar steadied through the Asian session today after taking a tumble after some soft data. The ISM services PMI survey results for May missed estimates, coming in at 50.3 rather than the 52.2 anticipated and 51.9 prior. This appears to have given the market further hope for a pause at Federal Open Market Committee (FOMC) meeting on Wednesday, June 14th. AUD is expected to gain more strength as a result of the hike in the interest rate, Minimum Wage increase, and hawkish monetary statement. This pair may trade sideways due to the massive buy recorded over time, but the general trade is a BUY.

Analysis: SCRUM Team

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