The AUD/USD pair rebounded on 11/06, with a bullish view suggesting buying the pair and setting a take-profit at 0.6650. A stop-loss at 0.6570 is recommended with a timeline of 1-2 days. On the other hand, a bearish view entails setting a sell-stop at 0.6585 and a take-profit at 0.6500, with a stop-loss at 0.6650.
The bounceback occurred after a sell-off last week, with the pair rising to 0.6605 following a jobs report and Federal Reserve focus. The commodities market price action and Wednesday’s Fed meeting will be closely watched as the Chinese economy shows signs of recovery.
The Federal Reserve’s upcoming monetary policy meeting will be crucial, with analysts predicting rate cuts starting in September (Citigroup), July (Standard Chartered), or November (JP Morgan). This follows strong US jobs numbers in May and a weak manufacturing PMI report earlier.
Technical analysis shows the AUD/USD pair rebounding to the Woodie pivot point but remaining below the 50-period moving average. The Awesome Oscillator has turned green, indicating a neutral outlook with potential retesting of resistance at 0.6650 or a bearish trend resuming towards the previous low at 0.6576.
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