AUD/USD Dips to $0.673 Amid Failed Assassination Attempt on Trump
During the recent European trading hours, the AUD/USD currency pair showcased a bearish trend, consistently trading around 0.6744 and touching a daily low at 0.6732.
This decline was influenced significantly by the robust performance of the U.S. dollar, which remained strong despite the dovish stance of Federal Reserve Chair Jerome Powell regarding future monetary policy.
Interestingly, the dollar’s surge was partly due to a failed assassination attempt on former President Donald Trump, which paradoxically enhanced his visibility in the lead-up to the 2024 presidential elections, fostering anticipations of potentially lenient regulatory frameworks under his administration.
Anticipations from Australia’s Economic Indicators
As market watchers gaze towards Australia, the upcoming release of the June Employment data becomes pivotal. Analysts estimate a creation of approximately 20,000 new jobs, a decline from May’s 39,700 figure.
However, the Unemployment Rate is projected to stabilize at 4.0%. If these figures indeed reflect a tightening labour market, they could prompt the Reserve Bank of Australia (RBA) to consider further rate hikes, aligning with global economic trends despite prevailing anticipations of rate cuts in the subsequent year.
The rise in the unemployment rate (orange U-3 line) is a bit worrisome. However, the historically unusual, smaller rise in the U-2 unemployment rate (blue line) helps allay concerns, as it indicates that reentrants and new entrants to the labor force are a major reason for the… pic.twitter.com/HbKs3lAUoY
— Brian McClard (@BrianMcClardCFA) July 5, 2024
Technical Analysis and Trading Insights for AUD/USD
Currently, the AUD/USD pair is valued at $0.67365, marking a decrease of 0.17% since the last session.
The 4-hour chart analysis indicates pivotal price points with a primary pivot at $0.67. Resistance levels are spotted at $0.68, followed by $0.6825 and $0.6850, whereas support levels are pegged at $0.6710, $0.6690, and $0.6670.
The Relative Strength Index (RSI) suggests the pair is nearing oversold conditions with a value of 30, potentially hinting at a forthcoming price rebound if the bearish momentum eases.
Traders might consider short positions below $0.67468, aiming for a target at $0.67212, while maintaining a stop-loss at $0.67622 to mitigate risks efficiently.
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