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Recently, there have been continuing dovish remarks from officials within the Federal Reserve. Most recently, Michelle Bowman, a Fed governor, and Jeffrey Lacker, the president of the Kansas City Fed, emphasized the need for caution regarding interest rate cuts.
Meanwhile, with Australian indicators absent this week, there is expected to be significant volatility in the price of the US dollar as several US indicators are scheduled to be released:
- On February 28th, the US fourth-quarter GDP will be announced.
- On February 29th, Germany's Consumer Price Index and the US Personal Consumption Expenditure Price Index will be released.
- On March 1st, the Eurozone Consumer Price Index will be announced.
- On March 6th, Australia's fourth-quarter GDP will be released.
AUDUSD is currently showing signs of a reversal within its long-term downtrend. However, it has not yet formed a completely new trend. There is still a possibility that the price could follow the existing downtrend. Therefore, it is important to pay close attention to the resistance at the 0.68000 level. If this level is surpassed, we may see a continuation of the uptrend towards the 0.70000 level. Otherwise, we could expect resistance from the downtrend, leading to a decline towards the 0.62000 level. Alternatively, depending on the CPI data released this week, we could see a rapid decline towards the 0.62000 level after breaking below the 0.65000 support.
To summarize the expected movements:
1. Short-term uptrend towards the 0.70000 level with support at 0.65000.
2. Rebound from the 0.65000 support followed by a medium-term downtrend towards 0.62000, encountering resistance at 0.68000.
3. Direct decline below the 0.65000 support towards 0.62000.
These three scenarios are currently the most likely, and we will adjust our strategy accordingly if there are any variables.
Feel free to share your personal opinions in the comments. Don't forget to like and subscribe.
Recently, there have been continuing dovish remarks from officials within the Federal Reserve. Most recently, Michelle Bowman, a Fed governor, and Jeffrey Lacker, the president of the Kansas City Fed, emphasized the need for caution regarding interest rate cuts.
Meanwhile, with Australian indicators absent this week, there is expected to be significant volatility in the price of the US dollar as several US indicators are scheduled to be released:
- On February 28th, the US fourth-quarter GDP will be announced.
- On February 29th, Germany's Consumer Price Index and the US Personal Consumption Expenditure Price Index will be released.
- On March 1st, the Eurozone Consumer Price Index will be announced.
- On March 6th, Australia's fourth-quarter GDP will be released.
AUDUSD is currently showing signs of a reversal within its long-term downtrend. However, it has not yet formed a completely new trend. There is still a possibility that the price could follow the existing downtrend. Therefore, it is important to pay close attention to the resistance at the 0.68000 level. If this level is surpassed, we may see a continuation of the uptrend towards the 0.70000 level. Otherwise, we could expect resistance from the downtrend, leading to a decline towards the 0.62000 level. Alternatively, depending on the CPI data released this week, we could see a rapid decline towards the 0.62000 level after breaking below the 0.65000 support.
To summarize the expected movements:
1. Short-term uptrend towards the 0.70000 level with support at 0.65000.
2. Rebound from the 0.65000 support followed by a medium-term downtrend towards 0.62000, encountering resistance at 0.68000.
3. Direct decline below the 0.65000 support towards 0.62000.
These three scenarios are currently the most likely, and we will adjust our strategy accordingly if there are any variables.