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AUD/USD Consolidates Despite Rising Consumer Confidence
The Australian Dollar remains under pressure against the US Dollar despite a rise in consumer confidence. Westpac consumer confidence improved by 4% in March, reaching 95.9 from 92.2 in February, as shown in the chart below. However, this boost has not strengthened AUD/USD as broader market sentiment remains weak. Australia’s 10-year government bond yield dipped to 4.39%, signaling investor caution amid increasing global trade tensions. Moreover, China’s imposition of a 100% tariff on Canadian rapeseed oil and a 25% duty on aquatic products and pork has intensified concerns in global markets.
AUD/USD Technical Analysis – Broadening Wedge Pattern
The 4-hour chart for AUD/USD shows a symmetrical broadening wedge pattern. The pair is consolidating within the wedge. This consolidation has led to bullish price action. Once the correction is over, the pair will likely accelerate again to $0.64.
