- AUD / USD Forecast indicates caution at the beginning of the week.
- Economists believe that RBA officials will reduce 25-BPS rates.
- The U.S. Lullet inflation could speed up 2.7% to 2.8%.
The AUD / USD forecast indicates Caution at the beginning of the week as the market participants are violated for the RBA meeting and crucial American numbers of inflation. At the same time, traders will look at the trade life as a deadline for an agreement between the United States and China.
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The Australian Reserve Bank will hold its own policy on Tuesday, and economists believe that officials will reduce 25-BPS rates. Inflation in Australia relieved significantly, and the labor market slowed. Therefore, policy makers have each reason to reduce borrowing costs. Moreover, traders expect another price before the year. Doviljski tone during the meeting is likely to strive on the Australian dollar.
In the meantime, the US will free the consumer inflation report. Economists expect the title of line to speed up 2.7% to 2.8%. Meanwhile, monthly personality can be increased by 0.2%, compared to previous reading 0.3%. Warmer than expected reading will reduce the expectations of reduction in feedback, strengthening the dollar. The opposite is true.
By the way, China must sign a contract with the US before the deadline. August. Otherwise, trading tensions between the two countries could be returned.
AUD / USD Key events Today
The market participants do not expect any key issues from Australia or the US. Therefore, they could remain careful until the RBA policy meeting.
Technical Forecast AUD / USD: Rally Stalls above the key level of 0.6500
On the technical page, the price of AUD / USD paused its rally above the level of resilience at 0.6500. However, it still trades above the 30th, a sign that the bulls are still in lead. At the same time, the RSI is above 50, supporting a solid coating momentum.
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The bulls recently took over after the price made the Bukovska candle near the level of support from 0.6425. However, they lost enthusiasm because the price broke above and reblogged 0.6500. This is a sign that they are not ready to commit to another swing.
However, since the bias was bikala, the price could soon climb the result of the level of resilience at 0.6600. If this happens, it will strengthen the bias of the bakery. However, if the bears become stronger, the price will probably break below 30th and support from 0.6500.
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