The Australian dollar has been one of the standouts in the FX space for a couple of weeks now, propped up by rising inflation and higher inflation expectations
A forex economic calendar is useful for traders to learn about upcoming news events that can shape their fundamental analysis. Rea...inflationRestrictive monetary policy the world over has helped rein in inflation but resurgent price pressures have already emerged in developed markets. Canada experienced hotter-than-expected inflation in May, as did Australia – putting their respective central banks on high alert.
For a fresh bullish move to be considered, prices would need to take out the swing high at 0.6714 and test the 0.6730 region that kept prices at bay momentarily in December and then again in January this year. 0.6644 could also serve as a tripwire for a pullback. In the event prices head lower from here, the blue 50 day simple moving average becomes dynamic support, followed by the April 2020 level of 0.6580 – which has provided a floor for prices since early May.
The May swing low at 1.8911 is well within view as the pair continues to drop. Thereafter, the July and September low in 2023 comes into focus at 1.8850. Resistance appears at the 50 and 200 SMAs followed by 1.9107 and 1.9185.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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