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CORZ Core Scientific stock watch, pull back to 14.04 support area with high trade quality at https://stockconsultant.com/?CORZ

SGHC Super Group stock watch, pullback to 6.17 support area with bullish indicators at https://stockconsultant.com/?SGHC

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Date: 2nd January 2025. The USD Retraces But Can The AUDUSD Correct To 0.62320?   The AUDUSD trades at a 27-month low as the Australian Dollar struggled to maintain momentum in December and the Dollar has risen since the US elections. However, the Australian Dollar is increasing in value during this morning’s Asian Session due to positive Chinese Manufacturing data. Will the AUDUSD hold its bullish momentum to the mean (0.62340) of the most recent price range? AUDUSD - The Australian Dollar continues to struggle for sustained momentum! The primary reason for the increase in the Australian Dollar is the positive Manufacturing Data from China. The performance of China is known to be closely linked to the performance of Asian currencies such as the JPY but also the AUD and NZD. The Australian Dollar is the best performing currency of the day and is increasing in value against all currencies except against the JPY where it moves sideways.   The US Dollar on the other hand is performing relatively poorly, and is retracing after yesterday’s gains. However, traders should note that the bearish price movement is relatively weak compared to the recent Dollar trend. The US Dollar Index rose in value for 4 consecutive weeks before retracing this morning. Therefore traders need to be cautious that the Dollar potentially may regain momentum. However, if the Dollar continues to decline a potential target may be seen at the average price of the previous range. The previous range formed between the 19th to the 30th December with an average price of 0.62320. The US Dollar Index reached its highest level since November 6th, 2022 Experts anticipate that Trump will reinforce protectionist policies, potentially reigniting active trade wars as he has done in the past. He previously announced plans to raise import tariffs on goods from China, Mexico, and Canada, while excluding European imports. Shifts in foreign trade are also expected to influence the US Federal Reserve's rhetoric. The December median interest rate forecasts indicate only two 25 basis point cuts in 2025, with any easing of policy not expected to begin before June. The hawkish Federal Reserve is able to support the US Dollar in the longer term and potentially tariffs may trigger a lower risk sentiment. The lower risk sentiment also may trigger a higher demand for the US Dollar. However, this would depend on the upcoming Trump policies. In the short-term, the US Dollar will also be influenced by this afternoon’s US Weekly Unemployment Claims release and the Final Manufacturing PMI. However, higher volatility is not likely to return until tomorrow’s trading sessions. AUDUSD - Technical Analysis In terms of technical analysis, the price of the AUDUSD is trading within a retracement of the day’s impulse wave. However, the price continues to remain at a lower high and lower low. In addition to this, the AUDUSD is also trading below the main Moving Averages and below the neutral level on most oscillators. Therefore, if bullish momentum is regained, traders potentially may focus on a correction to 0.62320 at first. If the price rises above 0.62142, the price will see stronger signals indicating a correction to this level.   Conclusion: The US Dollar Index rose to its highest price since November 6th 2022 before the markets closed for New Years Day. The Australian Dollar is the top-performing currency in this morning's Asian session, recovering from its decline in December. Positive Chinese Manufacturing data boosts Asian currencies including the AUD, NZD If the price rises above 0.62142, it will signal a stronger correction to this level. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. 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COCO Vita Coco stock, watch for a narrow range breakout above 37.18 at https://stockconsultant.com/?COCO