Forex Analysis: 05 May 2021-Weakening of the Australian Dollar Interest Rate

The daily forex analysis on May 5, 2021 will discuss the weakening of the Australian Dollar, starting from the statement of the chairman of the Central Bank of Australia (RBA) is more likely to be dovish who still maintains the benchmark interest rate until 2024, causing the movement of the Australian Dollar to weaken against the US Dollar. In addition to this, the cause of the Aussie's weakness is the strengthening of the US dollar against other major currencies. The weakening of the Australian dollar occurred in market trading on Tuesday. For today's market movement, Wednesday, May 5, 2021, in the Asian session, it is estimated that the Australian Dollar will continue its weakness. However, if the Australian Building Approval data is released well, the Australian Dollar will strengthen again, and vice versa. The data has been released and the result is 17.4% higher than the prediction of only 2.9%. The US Dollar (DXY) currency index rose again or strengthened by about 0.4% against all major currencies, but the effect of the dollar's strength is clearly visible in the AUDUSD pair. After the statement of US Treasury Secretary Janet Yellen who said that it may be possible for US interest rates to be raised to maintain the movement of the US economic revival, especially in the current condition where the US government is pouring fiscal stimulus with the amount of trillions. Yellen's hawkish statement shocked the market. However, Yellen's statement was immediately mistaken by Yellen herself shortly after her previous hawkish statement. The former Central Bank chairman clarified and reiterated that he does not believe that inflation will be a problem, so he predicted that interest rate hikes will not be implemented yet, but he said that low interest rates will still be maintained, adding that interest rates are expected to remain low for the foreseeable future.

Prediksi Analisa Harian Forex 

Today's FOREX prediction on the AUDUSD pair is expected to strengthen/rise and the recommended OP (Open Position) is BUY at the level of 0.77400. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily forex analysis of May 5, 2021 which discusses the problem of the weakening of the Australian Dollar. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.