Weekly Outlook: 2014 - 2024

The Australian Dollar jumped higher on renewed optimism around China’s re-opening and the US Dollar taking a pounding the market discounts the Fed’s words. Will AUD/USD go higher?

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The US Dollar set a fresh seven-month-low this week while testing a key spot of support at the 50% mark of the two-year-trend. The daily price of Dollar Index (DXY) is located below Ichimoku cloud in the bearish area of the chart: the price was stopped by bearish triangle pattern with support level at 101.27 for the bearish trend to be continuing - the daily price is on flat market contiion for the waiting for the strong trend to be started.

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The weekly price is breaking 200 SMA to above for the primary bullish weekly reversal:
the price is breaking the resistance level at 0.7141 for the 0.7670 as the next target to re-enter.

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The Australian Dollar lost steam last week but managed to resurrect some gains going into the weekend. This week is light on for data releases but retail sales for April will be crossing the wires on Friday.

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