Aud/usd in the next 1 hour buy sell or neutral
10/6/2024 05:04pm
In the next hour, AUD/USD is likely to remain in a neutral zone with a slight bias towards bullishness.
1. **Neutral to Bullish Bias**: The near-term technical outlook for AUD/USD is bullish, which suggests that while there may not be a strong rally immediately, the pair is more prone to bullish movements than bearish ones in the short term.
2. **Support Level**: The pair is trading above the 0.6650 support level, which has been providing dynamic support. If the pair holds above this level, it could indicate a continuation of the bullish trend.
3. **Market Sentiment**: The sentiment is positive, with a risk-on tone across markets and rising expectations of an imminent rate cut by the Federal Reserve. This could provide some support to the Australian Dollar against the US Dollar.
4. **Technical Indicators**: The Relative Strength Index (RSI) is in positive territory, indicating that the pair is currently in an oversold condition. This could lead to a brief consolidation or a small bounce in the next few hours. However, the overall bullish trend is expected to continue.
5. **Data Releases**: The Australian employment data for August has significantly outperformed expectations, which could provide a boost to the pair. However, the main expectation is that the Reserve Bank of Australia (RBA) will maintain its interest rate at the current level in its upcoming meeting, which could limit the upside potential.
In summary, while there may be some minor fluctuations in the next hour due to technical adjustments or data releases, the overall sentiment and trend for AUD/USD remain bullish.