Analysis of the 9.6 FPG Australian dollar trend

AUDUSD H4

Yesterday, the Australian Reserve Bank Chairman made a public speech, reiterating that there will be no rate cuts in the near future and is trying to control demand to prevent high unemployment rates. Before lowering interest rates, it is necessary to see the results of inflation. If CPI does not decrease, it may be necessary to take more restrictive measures and closely monitor the consumer price index in the third quarter, but there are other indicators to pay attention to. Some hawks did not push the Australian dollar up in the short term due to the poor overall economic data and the market's lack of confidence in the Australian dollar. However, the Australian Reserve Bank also hinted between the lines that inflation is still the primary target, so it is interpreted that if CPI inflation comes down, the Australian Reserve Bank will start to have rate cut expectations. In the evening, due to the release of ADP and unemployment claims data by the United States, the market is waiting for the release of tonight's non-farm NFP data, which will have a significant impact on the Australian dollar in the short term.

From a technical point of view, the Australian dollar has been sold off in the face of two consecutive days of weak economic data. However, yesterday's speech has slightly boosted the Australian dollar. The low point of yesterday has risen compared to the previous trading day, but the high point has not. Currently, the trend has rebounded from the downward trend at the beginning of the week. Pay attention to the resistance near 0.675 in the short term and the support at 0.671 below. Tonight's non-farm data will have a significant impact on the Australian dollar.

The upper resistance line is 0.674, the second resistance line is 0.675, and the third resistance line is 0.676.

The first support below is at 0.671, the second support at 0.670, and the third support at 0.668.

#This advice is general in nature and does not take into account your specific financial situation and needs. Investment involves risks, so please assess cautiously.#