If the correction continues and the price continues to decline, then the target that may be achieved is around the key level of 0.66320. This key level is of important concern to me because it is often a turning point in price or an area where the price can experience a rebound. In addition, the key level of 0.66320 can also be an interesting area for buyers to enter the market, especially if there are supporting reversal signals. I need to pay attention to the transaction volume and price patterns around this key level for further confirmation. If the volume increases as the price approaches 0.66320, this could be an indication of strong buying interest. However, if the volume remains low, there is a possibility that the price will continue to move down past the key level.
Generally, the market of AUDUSD can cross the support level of 0.6680 today. Hence, the remarkable increase in the Australian Employment Rate from 19k to 50k is a clear indicator of a strengthening labor market. Such robust employment data often boosts investor confidence, leading to increased buying pressure in the AUDUSD pair. This upward momentum was evident as the pair climbed to the 0.6725 level. Concurrently, the US Financial Department's release of positive economic data added to the market's optimism. The alignment of favorable economic indicators from both Australia and the US creates a strong foundation for the AUDUSD pair's continued ascent. Similarly, the potential for the AUDUSD to break the 0.6765 level is quite plausible. Market sentiment is currently skewed towards a bullish outlook, supported by the recent data releases. Traders and investors are likely to capitalize on this positive momentum, driving the pair higher. Therefore, it is advisable to adopt a bullish trading strategy in the current market scenario. Setting higher targets aligns with the prevailing market conditions and the underlying economic fundamentals. The positive employment data from Australia, coupled with favorable economic indicators from the US, has significantly bolstered AUDUSD buyers' confidence. The first and main thing worth noting is that the current corridor of medium-term decline, which has formed and can be stated as an independent trend, is still a correction price corridor relative to the price corridor of the growth that preceded it. Now the price has come close to its upper limit and is trading approximately below it for now. In the near future, the price will test the upper resistance limit, which will determine whether the AUDUSD price will develop a new impulse to decline downwards. I would bet on a decline and expect it to gradually develop somewhere back to the value of 0.6700 or even a little lower, although not immediately.
Generally, the market of AUDUSD can cross the support level of 0.6680 today. Hence, the remarkable increase in the Australian Employment Rate from 19k to 50k is a clear indicator of a strengthening labor market. Such robust employment data often boosts investor confidence, leading to increased buying pressure in the AUDUSD pair. This upward momentum was evident as the pair climbed to the 0.6725 level. Concurrently, the US Financial Department's release of positive economic data added to the market's optimism. The alignment of favorable economic indicators from both Australia and the US creates a strong foundation for the AUDUSD pair's continued ascent. Similarly, the potential for the AUDUSD to break the 0.6765 level is quite plausible. Market sentiment is currently skewed towards a bullish outlook, supported by the recent data releases. Traders and investors are likely to capitalize on this positive momentum, driving the pair higher. Therefore, it is advisable to adopt a bullish trading strategy in the current market scenario. Setting higher targets aligns with the prevailing market conditions and the underlying economic fundamentals. The positive employment data from Australia, coupled with favorable economic indicators from the US, has significantly bolstered AUDUSD buyers' confidence. The first and main thing worth noting is that the current corridor of medium-term decline, which has formed and can be stated as an independent trend, is still a correction price corridor relative to the price corridor of the growth that preceded it. Now the price has come close to its upper limit and is trading approximately below it for now. In the near future, the price will test the upper resistance limit, which will determine whether the AUDUSD price will develop a new impulse to decline downwards. I would bet on a decline and expect it to gradually develop somewhere back to the value of 0.6700 or even a little lower, although not immediately.
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