The AUDUSD currency pair, which represents the exchange rate between the Australian Dollar (AUD) and the United States Dollar (USD), is a pivotal and closely watched instrument in the world of forex trading. It holds significant importance in the global financial markets due to the economic influence of both Australia and the United States. Traders and investors keenly monitor this pair to gauge the relative strength of these two major currencies.
Movements in the AUDUSD exchange rate are influenced by a myriad of factors, including interest rate differentials, economic data releases, geopolitical events, and commodity prices, as Australia is a major exporter of commodities like iron ore and coal. Understanding the dynamics of the AUDUSD pair is crucial for forex traders as it provides insights into global economic trends and market sentiment, ultimately guiding trading decisions and risk management strategies.
The AUDUSD cuurency pair is trading below 0.65400 after starting the day at 0.64300 and falling to a low of 0.63780 in early trade. The Aussie dollar has been under pressure as weak economic data from China weighed on risk sentiment and boosted demand for safe-haven assets such as the US dollar.
However, the Australian currency found some support after minutes from the Reserve Bank of Australia’s (RBA) latest policy meeting revealed that policy makers were not concerned about recent falls in inflationary pressures and saw no need to cut rates in the near-term.
Looking ahead, traders will be closely watching Chinese economic data for any further signs of weakness which could weigh on risk sentiment and send the AUDUSD currency pair lower while a positive surprise could see it regain some lost ground. You need to follow the instructions when you make a new trade-
- The pair audusd is bearish
- We look to sell on deep
Recommendations: Sell/Sell limit @ 0.64500 TP/Target: 0.63000
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audusd technical analysis on dated 8-9-2022
