Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on the stock market, trading, and all things Wall Street. Today, we’re diving into the latest updates on FOMC member Christopher Waller’s recent comments and their potential impact on the market.
In a recent speech, Fed Governor Waller emphasized the importance of monitoring inflation before considering any rate cuts. This cautionary stance has led to speculation about the Fed’s future interest rate decisions, with the CME Fed WatchTool showing a decrease in the probability of a rate cut in September.
The upcoming economic data from China and further commentary from FOMC members could significantly influence short-term trends in the AUD/USD pair. Positive data from China may boost demand for the Australian dollar, but concerns about inflation among FOMC members could favor the US dollar.
When analyzing the AUD/USD price action, it’s important to note that the pair has maintained its bullish momentum, staying above the key EMAs. A break above the $0.67003 resistance level could signal further upside potential, with targets at $0.67500 and $0.67967. On the other hand, a drop below $0.66500 could lead to a test of support levels at $0.65760 and the 200-day EMA.
Considering the current RSI reading and the latest market dynamics, the AUD/USD pair may see further upside before potentially entering overbought territory. Keep an eye on upcoming economic data releases and FOMC member speeches for potential market-moving triggers.
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