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MiralFX Broker

10 May News

The AUD/USD has been confined within a horizontal channel, displaying a lack of directional momentum over the past few months. Such market conditions, while predictable, warrant traders to remain vigilant as a significant event approaches – namely, the U.S. inflation report. In light of this event, this article examines various technical possibilities for the Australian dollar.

Crude oil prices have experienced a four-day rally, increasing by over 8%. The United States is considering replenishing its Strategic Petroleum Reserve and paying close attention to upcoming inflation data. Additionally, retail traders are exhibiting a growing bearish sentiment towards West Texas Intermediate.
The US Dollar has shown signs of weakening in anticipation of the release of the US Consumer Price Index (CPI), as market participants eagerly await the direction of the DXY Index. Equity markets have also exhibited a degree of fragility, as they await the aforementioned data release. Should the inflation outcome deviate from expectations, it remains to be seen whether the DXY Index will experience a breakout.

The DAX market may be range bound due to low volatility and momentum. The ECB’s bank lending survey highlights concerns in the credit market. Technical levels suggest sideways trading in the future despite high prices.

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