$AUDUSD forexsignal : Profit-Taking Can’t be Ruled Out
Enter your emailThe pair will likely keep rising as bulls target the next key resistance level at 0.7250. Timeline: 1-2 days.The AUD/USD bullish momentum continued as investors continued cheeringThe price rose to a high of 0.7195, which was the highest level since January 21st. It has risen by almost 2% from its lowest level on February 4th.The main catalyst for the AUD/USD pair is the recent reopening decision by the Australian government.
Therefore, analysts expect that retail sales will jump as businesses serve tourists and residents. Most importantly, hotels and restaurants are expected to report strong growth considering that foreigners are the biggest spenders in hotels. Meanwhile, the pair rose after the strong earnings by Commonwealth Bank . In a statement after earnings, the bank’s CEO said that the economy will continue doing well until at least 2023 barring any more lockdowns.
CBA expects that inflation will average between 3% and 3.5% this year. It also expects that the bank will hike interest rates to about 75 basis points later this year.
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