- Outlook AUD / USD indicates the dollar jump.
- The last trade agreement came on Sunday between the United States and the EU.
- Merchants expect Powell to keep their cautious tone.
Outlook AUD / USD indicates slide in the middle of the US dollar jump because optimism grows on recent trading jobs. The agreements began to raise the cloud of uncertainty due to politics and economics. At the same time, market participants are looking forward to meeting FOMC’s policy, where Powell could maintain his cautious tone.
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The last trade agreement came on Sunday between the United States and the EU. The agreement lowered the EU tariff from 30% to 15%. As a result, the two countries prevented the dining war, which would harm their economic growth.
The US agreement will soon after work in America, and increased hopes for several contracts. At the same time, it improved the look for the American economy, which will allow food to have a clearer path of politics.
“Mood music in U.S. Trade negotiations was a little bright contracts with Japan and the EU,” Paul shot said, the global Head of FX Research on the HSBC.
“If more” trade offers “will be achieved, it could help reduce this source of policy uncertainty that for now a dollar, at least for now.”
Meanwhile, merchants expect the Powell to keep their cautious tone when the bank meets this week.
AUD / USD Key events Today
Merchants do not provide for any key issues from Australia or the United States. However, trade development has increased market instability.
AUD / USD Technical Outlook: Medvedi Access Range Support
On the technical page, the price of AUD / USD fell far below 30ths after the fake piercing of the hill. At the same time, RSI dropped below 50 years, which indicates a solid bear momentum. Although the price trades in the range, the bears have the upper hand.
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AUD / USD maintained lateral crossing between support from 0.6500 and resistance levels of 0.6590. Bears and bulls have made several attempts to get out of this consolidation, but failed. The bulls gave the latest attempt by pressing the price above 0.6590 resistance. However, they could not maintain the move higher and the price is reversed at the level of 0.6620.
Given the stronger bear bias, the price will soon re-set the range support. The break below the level would allow the bears to reset level 0.6460. Otherwise, the range will continue.
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