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Market Outlook
Aussie dollar stabilizes, waiting for signals. - Zeal Capital Market

Aussie dollar stabilizes, waiting for signals.

24-05-2022 06:49

“Risk-on mood dragged on US dollar, propping up demand for Australian dollar”

Aussie dollar hovers near two-weeks high, extending its consolidation phase after greenback bulls comes to a stall. Market sentiment towards the currency was rather positive as Reserve Bank of Australia signalled for a larger interest rate hike in June due to stubbornly high inflation. Traders speculate that more central banks may follow the footsteps of Fed soon. For the time being, investors will wait for speech delivered by Fed Chair Jerome Powell later today for more market signals.

Quick recap on AUDUSD

AUDUSD has successfully rebound from the lower level, currently looking to extend its consolidation phase.

AUDUSD Weekly Technical Analysis

Aussie dollar stabilizes, waiting for signals. - Zeal Capital Market

In terms of weekly chart, the pair is currently facing a hurdle near 0.7112.

AUDUSD Daily Technical Analysis

Aussie dollar stabilizes, waiting for signals. - Zeal Capital Market

While the MACD has formed a bullish signal, it requires a close above 0.7112 to receive bullish confirmation.

Trading Idea

Aussie dollar stabilizes, waiting for signals. - Zeal Capital Market

ORDER: BUY STOP

ENTRY: 0.7140

STOP LOSS: 0.7040

Target 1: 0.7260

Target 2: 0.7300

ZFX Analyst’s Comment

For the time being, investors are gearing up for upcoming speech from Fed Chair Jerome Powell to gain more market signals. Thus, we would wait for a confirmative breakout before looking forwards to an extension of its consolidation phase.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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