AUD/USD Forex Signal Today 21/04: Extremely Bullish (Chart)
Bullish view
- Purchase the AUD/USD pair and set a take-profit at 0.6450.
- Add a stop-loss at 0.6300.
- Timeline: 1-2 days.
Bearish view
- Promote the AUD/USD pair and set a take-profit at 0.6300.
- Add a stop-loss at 0.6450.
The AUD/USD pair jumped to a key resistance stage because the US greenback fell and the commerce battle between the US and China continued. It rose to a excessive of 0.6398, the place it resisted shifting above a number of instances since February. It has jumped by 7.80% from its lowest stage this month.
US greenback crash continues
The Australian greenback has jumped previously few weeks due to the weaker US greenback. The dollar has been in a powerful sell-off after Donald Trump’s Liberation Day earlier this month.
He introduced sweeping tariffs on all international locations on that day. Australia, a rustic that has a commerce deficit with the US, acquired a ten% tariff, with Trump accusing the nation of rejecting its animal merchandise.
Most significantly, Trump began enjoying a recreation of rooster with China that pushed US tariffs to 145%. China additionally pushed its tariffs on US items to 125%.
Donald Trump has hinted that he’s uncomfortable with extra tariffs on Chinese language items. Nevertheless, he has intensified his stress on China by barring exports of chips from American firms like NVIDIA and AMD.
He’s additionally contemplating placing an enormous tariff on Chinese language ships that dock on US waters, a transfer he hopes will result in extra shipbuilding within the US. China has additionally paused shopping for US liquefied pure gasoline (LNG).
These actions are vital for Australia since China is an enormous purchaser of its pure sources like coal, gasoline, and iron ore.
The AUD/USD pair will proceed reacting on any main information on commerce. Additionally, among the prime financial numbers to observe would be the US and Australian shopper confidence and flash manufacturing and providers PMIs.
AUD/USD technical evaluation
The AUD/USD alternate price has been in a powerful uptrend previously few weeks, leaping from a low of 0.5917 earlier this week to 0.6400. The pair has moved to an vital stage that was its highest swings on February twentieth, March seventeenth, and April third.
The pair is nearing the 50% Fibonacci Retracement stage. Additionally, the Relative Energy Index (RSI) and the MACD indices have all pointed upwards. Subsequently, extra upside might be confirmed if the pair strikes above the important thing resistance at 0.6400. A transfer above that stage will level to extra beneficial properties to the 50% retracement stage at 0.6430. It’s going to then soar to the 61.8% retracement stage at 0.6550.
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