Fundamental
Overview

The USD continues to remain
under pressure amid positive risk sentiment and the imminent rate cuts from the
Fed which should help global growth. These are generally bearish drivers for
the greenback.

In fact, the appreciation
of the AUD has been mostly driven by the US Dollar side of the equation,
although it outperformed the other major currencies due to the hawkish RBA. In
fact, the market pared back more aggressive rate cuts expectations and it’s now
seeing just one cut by the end of the year.

The focus will be on
tomorrow’s Flash PMIs and then Fed Chair Powell speech at the Jackson Hole
Symposium on Friday.

AUDUSD
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that AUDUSD had an incredible rally from the lows set at the beginning of August
as the market erased the growth scare and added to the gains as the risk sentiment
kept on improving. The next target for the buyers should be the high at the
0.68 handle. The sellers, on the other hand, will want to see the price falling
back below the key 0.67 handle to start target new lows.

AUDUSD Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that we now have a good support
zone around the 0.67 handle where we can find also the trendline
for confluence.
This is where we can expect the buyers to step in with a defined risk below the
trendline to position for new highs with a better risk to reward setup. The
sellers, on the other hand, will want to see the price breaking lower to pile
in for a drop into the 0.6550 level next.

AUDUSD Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, there’s
not much else we can glean from this timeframe other than waiting for a pullback
into the key support zone where the buyers will look for a bounce, while the
sellers will look for a break. The red lines define the average daily range for today.

Upcoming
Catalysts

Tomorrow we get the Australian PMIs, the US Jobless Claims and US PMIs. On
Friday we conclude the week with Fed Chair Powell speaking at the Jackson Hole
Symposium.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Trading
in financial markets is often perceived as a high-stakes game of numbers,
charts, and quick decisions. However, if you look closer, trading is much more
than just buying low and selling high, it’s an intricate art that parallels the
disciplines, strategies, and mentalities found in sports. The art of trading will
be of particular note at the upcoming Finance Magnates Pacific Summit (FMPS),
taking place on August 27-29 in Sydney, Australia.

This
inaugural event is taking place at the International Convention Centre in
downtown Sydney, drawing plenty of retail traders, brokers, service providers and
other elements of the financial services industry. Whether you are a veteran or
just starting your trading journey, FMPS is your destination for actionable
learning, networking opportunities, and much more.

FMPS
is catering extensively to retail traders with the Exchange Stage, a dedicated
forum to promoting insightful learning and hearing from qualified experts and
speakers. Throughout the two-day event, this stage will play host to a wide
range of workshops, each of which can be accessed via the full-length
agenda.

There is no shortage of relevant sessions in store
for attendees, with plenty designed to educate traders. This includes the
upcoming workshop ‘The Art of Trading – It’s Just Like Playing a Sport’.

The final
countdown is underway with less than one week to go until FMPS. Online registration
is still available for only a few more days so do not delay! If you have not already
done so, make sure to head on over to the event website and register
today. Skip the queues on-site and make sure to sign up in advance
to save time!

What
Do Trading and Sports Have in Common?

Trading
and sports share common ground, and many individuals can learn from the world
of athletics to become better traders. Whether it is discipline and consistency
or preparation and analysis, both of these avenues provide valuable lessons.

By
embracing these principles, traders can approach the markets with the mindset
of an athlete, enhancing their chances of success. Just as in sports, where
continuous learning and adaptation lead to mastery, trading demands a
commitment to growth, resilience, and the pursuit of excellence.

Wherever
an individual is in their respective trading career or pursuit, viewing one’s journey
through the lens of sports can provide valuable insights and a competitive edge
in the financial markets.

Join
leading experts who can help touch on this topic and more in the upcoming panel,
‘The Art of Trading – It’s Just Like Playing a Sport’. This session will take
place on August 29 at the Exchange Stage at 16:00-16:20 featuring Justin Low, Currency Analyst at ForexLive.

Workshop
participants can expect to learn what it takes to succeed as a trader and which
attributes to focus on. Most importantly, attendees can figure out the traps to
avoid and the similarities between both sports and trading.

This
is one session that any retail trader cannot afford to miss this August. See
you next week in Sydney!

This article was written by Jeff Patterson at www.forexlive.com.