- Outlook AUD / USD is optimistic in the midst of hope in conversations between China and the US.
- The dollar is muted after the fall data on US data this week.
- Economists expect more slowly American growth of 130,000 in April.
Outlook AUD / USD is optimistic because Aussie stronger on hopes for tariff conversations between China and the United States. At the same time, the currency received the support of the weaker dollar after the data of us. Meanwhile, market participants are looking forward to American Nefarm payrolls for more traces on reducing the rate on the supply values.
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Reports on Thursday and Friday found that they are now willing to launch talks with China on tariffs. Meanwhile, China received and evaluates an offer from the US to start conversations. This is a big step towards the end of the Trading War that hurt the global economy. Moreover, it has re-requested hopes for a brighter view for both economies. As a result, Aussie sensitive risk.
Meanwhile, the dollar settled after the fall data on American data this week. On Thursday, hard unemployment has increased more than expected, raising fears from aggravating labor market. Meanwhile, business activity was stronger than expected. However, he contracted further than the previous month.
The market participants are now looking forward to the American Monthly Report. Economists expect a slower job growth of 130,000 in April. The smaller than the expected number will signal larger cracks in the labor market, pressing feeding to reduce interest rates.
AUD / USD Key events Today
- US average earnings for an hour m / m
- American Nonfunic changes in employment
- US Unemployment Rate
AUD / USD Technical view: Bukovi take lead in movement related to the range
On the technical page, AUD / USD price is traded in a narrow range between support from 0.6351 and resilience levels to 0.6450. The range came after a sharp rally that kept the price far above the 30ths. However, now it is only chops through this line, hovering on the side of the chart.
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In the range, the price is currently above SMA, and RSI is over 50, showing that the bulls are in lead. Therefore, the price could re-set the resistance range. However, the RSI made a bearish divergence, which indicates a weaker petition momentum.
Therefore, the bulls would have to regain swing before it broke out of the range and continuing the previous trend. If they fail, the price will probably refuse lower to re-set the level of reaching the range. The rotation will enable AUD / USD to reach a level of support from 0.6200.
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