The AUDUSD pair trades positively to head towards potential test to the key resistance 0.8500, affected by stochastic positivity, and as long as the price is below this level, our bearish overview will remain valid for the upcoming period, as the price is affected by the head and shoulders’ pattern that appears on the chart, reminding you that our first target is located at 0.6410. The expected trading range for today is between 0.6400 support and 0.6500 resistance.
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The dollar rose to a fresh three-month high against major peers as traders pushed back bets for a Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures. Since data Tuesday showed the U.S. consumer price index (CPI) in January gained 3.1% from a year earlier, versus an expected 2.9% rise, money markets have priced in no Fed cut in March and a 53% chance of a cut in June, according to ME Group.
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