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During the previous day's testimony before the House, Chairman Powell hinted at the possibility of a rate cut by the end of the year. However, he maintained the stance on the timing of rate cuts, stating that he would like to see more data before implementing any rate cuts. Meanwhile, Australia's GDP for the fourth quarter was announced, meeting or exceeding market expectations.
- Chairman Powell's Senate testimony is scheduled for March 7th.
- The ECB monetary policy meeting is scheduled for March 7th.
- US non-farm payrolls for February and the unemployment rate for February will be released on March 8th.
AUDUSD is forming a short-term uptrend within a long-term downtrend. It appears to be at a crossroads in terms of direction, as breaking above the upper resistance of the long-term downtrend at 0.67500 could completely reverse the trend to the upside. In the short term, it may see an uptrend, but it would be advantageous to wait for confirmation of a breakthrough at the 0.67500 level before responding.
To summarize the expected movements:
1. Short-term uptrend from support at 0.65000 to resistance at 0.75000.
2. Short-term uptrend from support at 0.65000 to resistance at 0.67500, followed by a reversal.
These two movements are currently the most likely scenarios, and we will adjust the strategy if there are any variables.
Please share your personal opinions in the comments. Booster and subscription requests are appreciated.
During the previous day's testimony before the House, Chairman Powell hinted at the possibility of a rate cut by the end of the year. However, he maintained the stance on the timing of rate cuts, stating that he would like to see more data before implementing any rate cuts. Meanwhile, Australia's GDP for the fourth quarter was announced, meeting or exceeding market expectations.
- Chairman Powell's Senate testimony is scheduled for March 7th.
- The ECB monetary policy meeting is scheduled for March 7th.
- US non-farm payrolls for February and the unemployment rate for February will be released on March 8th.
AUDUSD is forming a short-term uptrend within a long-term downtrend. It appears to be at a crossroads in terms of direction, as breaking above the upper resistance of the long-term downtrend at 0.67500 could completely reverse the trend to the upside. In the short term, it may see an uptrend, but it would be advantageous to wait for confirmation of a breakthrough at the 0.67500 level before responding.
To summarize the expected movements:
1. Short-term uptrend from support at 0.65000 to resistance at 0.75000.
2. Short-term uptrend from support at 0.65000 to resistance at 0.67500, followed by a reversal.
These two movements are currently the most likely scenarios, and we will adjust the strategy if there are any variables.