The Aussie has dropped a bit during he early hours on Monday, as we continue to see choppy behavior.
The Pound (GBP) experienced further losses on Friday, rounding off a challenging week marked by a deepening contraction in the U.K.'s service sector activity, according to the latest survey. This development has intensified recession fears and fueled expectations that the Bank of England (BoE) has concluded its interest rate hikes.
The Australian dollars gone back and forth during the course of the trading week, as we continue to see a lot of confusion.
The Aussie dollar has rallied significantly during the trading session on Friday, slamming into the top of the falling wedge that has been such a huge part of the technical analysis in this pair.
The Aussie dollar has plunged during the trading session on Thursday, as we continue to see a lot of risk of behavior.
The dollar reached a 6.5-month peak on Thursday, September 21, 2023, after the U.S. Federal Reserve signaled a continuation of its restrictive policy, even as it held rates steady. This comes as the Swiss franc fell following the Swiss National Bank's decision to maintain unchanged rates, marking the first time it has not increased rates since March 2022.
The Australian dollar has broken out of a falling wedge, which of course is a bullish sign, but it is ahead of the FOMC so this could get squashed rather quickly.
The Australian dollar has rallied a bit during the trading session on Tuesday but gave back gains to show signs of hesitation at the very precipice of a downtrend line.
The U.S. dollar traded largely unchanged in early European trade Tuesday, drifting ahead of the start of the latest two-day Federal Reserve policy meeting, the highlight of several key central bank rate decisions this week. Currency moves appear relatively subdued Tuesday, with traders seemingly unwilling to take further positions ahead of the result of this week’s U.S. Federal Reserve meeting. The policymakers are widely expected to keep interest rates on hold, but with inflation still elevated and economic data tending to show a resilient economy, they are also likely to maintain a hawkish stance.
The Aussie continues to see hesitation above, as we fade rallies going forward.