AUD/USD gets the positive momentum
The Australia Wage Price Index (QoQ) values are in line with the forecasted values (0.5%) in 4Q. The Australia Westpac Leading Index (MoM) values are 0% (January) versus the expected rate at 0.4% and the Australia Wage Price Index (YoY) values are (1.9%) in 4Q versus the expected rate at (0%).
The Reserve Bank of Australia stated that the values of the price index would cause a decline in the Australian Economy.
Lower felt that the risks of low inflation against the increase in debt rates will not possess much risk in inflation values. However, the GDP growth rate for the next two years is estimated at 3% if the labor market moves in the right direction.
The U.S Feb flash services PMI dropped from a value of 55.6 to 53.9 versus the expected rate of 55.8, the U.S. Feb flash PMI dropped from a value of 55.0 to 54.3 versus the expected rate of 54.7.
The Federal Open Market Committee Member Harker commented that March's rate hike purely depends on a strong data and if there is any weak data, it would prevent him from making the hike three times a year. The Federal Reserve Bank of Cleveland's President Dr. Loretta Mester stated that she is happy with the rate hikes and added that she wants to monitor Trump's policies side by side.
The AUD/USD pair remains stable at 0.7669 levels and keeps the chances valid for resuming the bullish trend on a short term basis. The mentioned support represents the resistance level of the previously breached main channel. Hence, we will be waiting for positive trading in the upcoming sessions. When the pair resumes back to bullish movement from the 50EMA, we strongly encourage another uptrend rally as oscillator supports the upward move at 50.0 levels.
Our bullish targets begin by breaching 0.7709 levels to head towards our next target at 0.7721 levels.
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