AUDUSD THE BIG SHORT IS READY

Jun 14, 2023

The AUD/USD pair is consolidating near the critical resistance level of 0.6800, following a recent climb to a one-month high. Mixed economic data and anticipation surrounding the Federal Reserve's statement have led to a need for consolidation or a possible correction. The Australian dollar received support from the People's Bank of China's decision to ease short-term policy rates. In the US, consumer inflation eased, solidifying expectations of a Fed pause. The pair's near-term direction hinges on the performance of the US dollar and overall risk sentiment. Technical indicators suggest the potential for a correction, although a daily close above 0.6800 would indicate further upside potential. Key support levels to monitor are at 0.6745, 0.6710, and 0.6680, while resistance levels can be found at 0.6780, 0.6820, and 0.6845. Traders should conduct thorough analysis before making any trading decisions.

Nicola, CEO of Forex48 Trading Academy