The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
AUD/USD: bears are playing with Crab
2019-11-11 • Updated
On the AUD/USD daily chart, an intermediate 113% target in the "Crab" pattern has been fulfilled. There is a continuation of the downward movement. The targets are located near 0.7415 and 0.731. Bulls can get their own back only in case of a successful test of the resistance at 0.7525.
On the AUD/USD hourly chart, the "Widening Wedge" pattern can be formed. A necessary condition for its formation is a successful test of the 1-3 wave (0.7515). If it is tested successfully, focus on the point 5. The pullbacks from 23.6%, 38.2%, and 50% levels and from the 4-5 wave can be used for opening long positions. The nearest resistance levels can be found near 0.7555 and 0.7585.
The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
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