{"id":109580,"date":"2025-05-05T11:34:41","date_gmt":"2025-05-05T08:34:41","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=109580"},"modified":"2025-05-05T11:35:21","modified_gmt":"2025-05-05T08:35:21","slug":"aussie-gains-on-labour-election-landslide","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/fa\/aussie-gains-on-labour-election-landslide\/","title":{"rendered":"Aussie gains on Labour election landslide"},"content":{"rendered":"

The USD edged lower in today\u2019s Asian session against its counterparts, as market worries tended to ease further ahead of the Fed\u2019s interest rate decision on Wednesday. Today we expect market attention to be on the release of the US ISM non-manufacturing PMI figure for April and a possible wider-than-expected drop of the indicator\u2019s reading could weigh on USD. In the FX market, the Aussie was on the rise against the USD as the Australian elections resulted in a clearcut win of the Labour Party, which is expected to provide some stability on a political level in the land of the down under, given the wide majority it now has. Aussie traders are also expected to keep an eye out for Australia\u2019s building approvals growth rate for March.<\/p>\n\n\n\n

On a technical level, we note that AUD\/USD was on the rise on Friday and during today\u2019s Asian session, breaking the 0.6410 (S1) resistance line, now turned to support. Given that the pair\u2019s price action has broken clearly the S1 and the RSI indicator is above the reading of 50 and rising implying an intensification of the bullish sentiment for the pair among market participants, we tend to adopt a bullish outlook for the pair. Should the bulls maintain control over the pair\u2019s direction we may see AUD\/USD aiming for the 0.6665 (R1) resistance line, with the next possible target for the bulls being the 0.6940 (R2) resistance level. Should the bears take over, we may see the pair reversing course, breaking the 0.6410 (S1) support line and start aiming for the 0.6135 (S2) support level.<\/p>\n\n\n\n

Also, oil prices dropped considerably, as market worries for a possible supply increase intensified. The market seems to expect OPEC+ to increase its production levels further and at an increased speed while at the same time, there is still some uncertainty in regards to the demand outlook. Any signals for increased supply could cause oil prices to weaken further.<\/p>\n\n\n\n

WTI\u2019s price edged lower on Friday and during today\u2019s Asian session, tumbled breaking the 57.70 (R1) support line now turned to resistance. As the downward motion has been renewed, and the RSI indicator has reached the reading of 30, implying a strong bearish market sentiment on behalf of market participants for the commodity\u2019s price, we adopt a bearish outlook for WTI\u2019s price. Should the bears continue to lead the price action of WTI, we may see it breaking the 54.80 (S1) support line and start aiming for the 51.40 (S2) support level. Yet the price action has broken the lower Bollinger band, implying the possibility of being at an oversold state, something that the RSI indicator may also be implying. Yet for the adoption of a bullish outlook, we would require WTI\u2019s price to rise, break the 57.70 (R1) resistance line clearly and aim if not break the 62.85 (R2) resistance level.<\/p>\n\n\n\n

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Today we get Turkey\u2019s CPI rate for April, the Eurozone\u2019s Sentix figure for May, the US S&P services PMI figure for April and the US ISM non-manufacturing PMI figure for April. In tomorrow\u2019s Asian session, we get Australia\u2019s building approvals rate for March and China\u2019s Caixin Services PMI figure for April.<\/p>\n\n\n\n

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On Tuesday we get Switzerland\u2019s unemployment rate, the Czech Republic\u2019s preliminary CPI rate all for April, followed by Canada\u2019s trade balance figure for March and Canada\u2019s Ivey PMI figure for April. On Wednesday we get Australia\u2019s AIG manufacturing PMI figure for April, New Zealand\u2019s unemployment rate for Q1, Sweden\u2019s preliminary CPI rate for April, the Eurozone\u2019s retail sales for March, the Czech Republic\u2019s CNB interest rate decision and the highlight of the week which is to be the Fed\u2019s interest rate decision. On Thursday we get Germany\u2019s industrial output rate for March, the UK\u2019s Halifax house prices rate for April, Sweden\u2019s Riksbank, Norway\u2019s Norgesbank and the UK\u2019s BoE interest rate decisions. On Friday, we get Norway\u2019s CPI rate for April and Canada\u2019s Employment data for April.<\/p>\n\n\n\n

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