The AUD/USD pair is showing a bullish view, with a recommendation to buy and set a take-profit at 0.6580, adding a stop-loss at 0.6500 within a 1-2 day timeframe. On the other hand, the bearish view suggests setting a sell-stop at 0.6525 and a take-profit at 0.6450, with a stop-loss at 0.6580.
Last week, the AUD/USD pair rose as the US dollar weakened, marking its first weekly gain in three weeks. It was trading at 0.6530 on Monday, slightly below the previous week’s high of 0.6553.
The pair’s movement was influenced by decreasing geopolitical tensions as Israel and Iran refrained from retaliation, and US Secretary of State Blinken had a productive conversation with Xi Jinping. Additionally, economic data from the United States impacted the pair, with weaker-than-expected economic growth in the first quarter and stubbornly high inflation rates.
Looking ahead, the focus will be on the Federal Reserve’s interest rate decision, non-farm payrolls report, JOLTS jobs numbers, global PMIs, and China’s trade figures.
From a technical analysis perspective, the AUD/USD pair has shown bullish signals, with key levels to watch for potential upside. The pair has breached important support levels and indicators like the Relative Strength Index (RSI) are showing patterns that suggest potential movements.
Overall, the AUD/USD pair is poised for further movements based on upcoming economic events and technical analysis signals.