Market Analysis: AUD/USD Skyrockets

FXOpen

Since the beginning of yesterday's trading session, the AUD/USD rate has increased by 1.7%. This is due to the difference in the monetary policies of the Fed and the RBA.

On the one hand, Philadelphia Fed President Patrick Harker said on Thursday that it was time to at least press the stop button for one meeting and see how it goes, referring to the June 13-14 meeting and the pause in a series of Fed’s interest rate hikes.

On the other hand, Australia raised the minimum wage by 5.75% from July 1, a decision that will affect the wages of 2 million people. This is an argument in favor of the fact that the RBA will continue to raise interest rates. The decision will be published on June 6th.

The AUD/USD chart shows that the rate has risen to the important level of 0.66. In March and April, it served as a support level. And according to AUD/USD technical analysis, after the bearish breakout in May, this level may now offer resistance.

If the bulls are able to gain a foothold above 0.66, their next target could be the median line of the down channel (shown in blue) that has been in place this year.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials The American Currency Resumes Its Growth Australian Dollar Weakens amid Inflation News Exchange Rates Consolidate at the Beginning of the Week The US Continues to Trump the Euro Economy on Key Metrics, But What Is Next?

Latest articles

Forex Analysis

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials

This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart): → Vice Finance Minister Masato

Forex Analysis

The American Currency Resumes Its Growth

The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair

Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin

Several factors contributed to this: → Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.