AUD/USD Continues Upside Momentum

Plenty of setups to go long on AUD/USD on 15-minute timeframe. 75 Cygni Algorithm printing green after a failure of sellers early.

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The Australian Dollar (AUD) encountered challenges in the wake of recent economic data releases, with unchanged Final Retail Sales figures and downbeat Trade Balance data from Australia casting a shadow over its performance in the previous week. Of particular note was Australia’s reporting of its smallest Trade Surplus in five months for February, a development partly attributed to a decline in iron ore exports.

Concurrently, the US Dollar Index (DXY) made gains propelled by higher US Treasury yields, bolstered by the release of robust Nonfarm Payrolls data from the United States (US) on Friday. The strong performance of the labor market has diminished the likelihood of a rate cut by the Federal Reserve (Fed) in June. According to the CME FedWatch Tool, the probability of a rate cut has decreased to 46.1%. Traders are now eagerly anticipating the release of US Consumer Price Index data for March scheduled on Wednesday, which is expected to provide further insights into the economic landscape.

Looking at a 4-hour timeframe, sellers have clearly failed around 0.65 levels and since then buyers have been firmly in control. AUD remains strong while USD still under pressure due to economic data.

Let’s jump on 15-minute timeframe now with 75 Cygni Algorithm showing us plenty of opportunities to get long. Sellers have failed to accept below the AOIL in the overnight session. Once buyers came back, the price rise hasn’t stopped.

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