FX.co ★ AUD/USD

AUDUSD H4 The 4-hour chart is signaling a potential buying opportunity as the price has risen above the weekly pivot level following multiple failed attempts to breach it. This week commenced with the price encountering resistance at the weekly pivot level of 0.6551 and the mid-channel lines. However, as of now, the price has managed to break through both the channel lines and the pivot level, suggesting a potential upward continuation towards the weekly resistance level at 0.6598. Traders may consider entering buy positions from the current level with a target at 0.6598. Upon reaching the resistance level, which aligns with the upper channel lines, traders should monitor price behavior. Buying can be considered if the channels break upwards. Conversely, a selling opportunity may arise if the price drops below the 0.6530 level. From an economic perspective, the Reserve Bank of Australia (RBA) has been notably hawkish compared to other global central banks, though there are expectations for a more cautious tone in the upcoming policy statements. Conversely, the US Federal Reserve is likely to maintain its

stance on not easing monetary policy, buoyed by better-than-expected job and inflation data. During its March meeting, the RBA opted to keep the cash rate steady at 4.35%, aligning with market expectations. This decision came amid indications of a slowdown in economic growth following consecutive interest rate hikes totaling 425 basis points over the past two years. Despite this, inflation continued to trend downwards due to moderating commodity prices. The cost of services remained elevated, albeit with a more gradual pace of moderation. The RBA emphasized its primary objective of bringing inflation back within the target range of 2-3% by 2025, aiming for the midpoint by 2026. In summary, the current market conditions suggest a bullish bias for the AUD/USD pair, with potential buying opportunities indicated on the charts. However, traders should remain vigilant for any shifts in central bank rhetoric and economic indicators, which could influence future