AUDUSD H4 15 March 2024
The AUD/USD pair experienced losses, breaking below crucial support levels as a sharp resurgence in demand for the US Dollar prevailed. Firm inflation data and positive labor market figures contributed to the Dollar's recovery, alongside ongoing speculation regarding the Fed's expected rate adjustments. Further catalysts for the Australian dollar are expected to hinge on China's economic outlook.
AUD/USD is trading lower while currently testing the support level. Suggesting the pair might extend its losses after breakout.
Resistance level: 0.6625, 0.6685📉
Support level: 0.6560, 0.6485📈
The AUD/USD pair experienced losses, breaking below crucial support levels as a sharp resurgence in demand for the US Dollar prevailed. Firm inflation data and positive labor market figures contributed to the Dollar's recovery, alongside ongoing speculation regarding the Fed's expected rate adjustments. Further catalysts for the Australian dollar are expected to hinge on China's economic outlook.
AUD/USD is trading lower while currently testing the support level. Suggesting the pair might extend its losses after breakout.
Resistance level: 0.6625, 0.6685📉
Support level: 0.6560, 0.6485📈