AUD/USD still unlikely to rise unless US yields fall – Societe Generale
It is important to consider the other side of the AUD/USD pair too – the US Dollar.
AUD/USD will remain stuck even after the stickier Q1 data unless US yields provide a helping hand by also falling, according to analysts at Societe Generale.
“It would still take a retracement in US yields for AUD/USD to gain traction above 0.6500, even if the RBA is less likely to cut rates this year,” they comment.
Technical Analysis: AUD/USD showing signs of a bullish reversal
AUD/USD is showing some early technical signs that point to a possible bullish reversal.
This is especially the case on the 4-hour and daily charts.
The AUD/USD daily chart below shows a bullish Dragonfly Doji candlestick reversal pattern (circled) at the recent Friday April 19 lows. This was followed by a green up day on Monday, providing bullish confirmation
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