The AUD/USD is making another attempt at the immediate resistance of 0.715.
0.715 Holds For Now
Looking at the AUD/USD 60 minutes chart above, we note that it had surged into it’s current region. This suggests a bullish undertone. While the currency pair momentarily breached the resistance, the US market opening will probably bring some clarity to the price action. The yellow lines are the possible support and resistance regions in the immediate vicinity. Do note that price action in shorter time frames are often sentimental in nature.
The Australian Westpac Consumer Sentiment came in at 1.9%. This is an improvement over the previous month’s -4.8%. Consumer confidence is important to an economy as it translates to retail sales. Positive sentiment is likely generated with this development.
The price of brent oil has been increasing lately and this is an important trend to note. The Australian dollar is often influenced by commodities development due to the nature of the Australian economy. This increase in price may give the currency some bullish uplift.
Reserve Bank of Australia Deputy Governor Debelle commented that household spending is considerably weaker than expected. He sees this as a mixed signal of the Australian economic health as employment figures remain robust.
Still to Come
Many important economic events are still to come, including the Organization of Petroleum Exporting Countries (OPEC) meeting. Unexpected developments may induce volatility in the AUD/USD due to the influence on the Australian dollar.
USA Consumer Price Index
USA Core Consumer Price Index
USA FOMC Member Quarles Speaks
USA FOMC Meeting Minutes Release
CHN Consumer Price Index
AUS RBA Assist Gov Debelle Speaks
OPEC Meetings
USA Producer Price Index
USA Core Producer Price Index
USA FOMC Member Clarida Speaks
USA FOMC Member Bullard Speaks
Always plan your trades with proper money management.
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