All Articles Tagged - AUDUSD

Week Ahead – ECB rate hike hangs in the balance; US CPI could edge up again

Posted on September 8, 2023 at 9:01 am GMT

The European Central Bank is headed for a crunch rate decision next week amid rising recession risks and the job on inflation not yet done. It’s going to be a big week for the US dollar as well, as the CPI and retail sales reports are due before the Fed’s September meeting. There’s a barrage of UK data that will keep the pound on its toes before the next Bank of England decision, while the market mood will also be [..]

Market Comment – Falling yen draws intervention warning, ISM non-mfg PMI in focus

Posted on September 6, 2023 at 8:19 am GMT

Yen hits 10-month low, triggers intervention warning Dollar traders turn attention to ISM non-mfg PMI Equities pull back, but stay in an uptrend mode BoC expected to stand pat, focus to turn on guidance Japanese official warns as dollar/yen gets closer to 148 The US dollar traded higher against all the other major currencies on Tuesday, perhaps as increasing concerns about the performance of the Chinese economy after the disappointing Caixin services PMI resulted in a flight to safety. The [..]

Weekly Technical Outlook – AUDUSD, USDCAD, Gold

Posted on September 4, 2023 at 3:13 pm GMT

Central bank meetings in Australia and Canada will shift attention to the aussie and the loonie this week in a relatively important month for monetary policy decisions. The commodity currencies aim to steal ground from the US dollar, while gold is hoping for a bullish breakout too ahead of the ISM non-manufacturing PMI index. RBA rate decision –> AUD/USD The Reserve Bank of Australia meets on Tuesday, with the policy statement expected to move markets at 04:30 GMT. The central [..]

Technical Analysis – AUDUSD trapped between key levels ahead of RBA

Posted on September 4, 2023 at 3:09 pm GMT

AUDUSD could not successfully jump above its 20-day simple moving average (SMA) and the 0.6480 barrier last week despite securing a strong foothold around the 2020 support trendline for the third time since the pandemic fallout. The technical indicators keep trending upwards, reflecting persisting buying interest, though buyers might wisely wait for a clear extension above 0.6480 before they lift the price into the 0.6570-0.6615 constraining zone. If the latter proves easy to pass through, the pair could next stall within the 0.6700-0.6730 [..]

Market Comment – Dollar gains after US jobs data, China stimulus lifts oil

Posted on September 4, 2023 at 8:49 am GMT

Dollar climbs despite relatively soft US employment report China stimulus measures boost oil prices and Asian stocks Gold trades with resilience, undeterred by dollar and yields Dollar defies cooler US jobs data An unexpectedly soft US employment report could not hold down the US dollar on Friday. While nonfarm payrolls slightly exceeded forecasts in August, revisions showed that employment growth in July and June was much weaker than previously reported. Wage growth moderated as well, solidifying market expectations that the [..]

RBA set to stay on pause as inflation and economy cool – Preview

Posted on September 1, 2023 at 12:00 pm GMT

The Reserve Bank of Australia will decide on interest rates on Tuesday (04:30 GMT), likely keeping them on hold for the third straight month. One reason for the RBA’s increased caution lately is weaker economic growth. GDP data due on Wednesday (01:30 GMT) will reveal whether growth remained sluggish or improved in the second quarter. The Australian dollar is vulnerable to further losses amid mounting worries about China on top of a less hawkish RBA. Inflation threat is receding As [..]

Week Ahead – RBA and BoC to kick-start key round of central bank meetings

Posted on September 1, 2023 at 10:06 am GMT

After a barrage of US data hurt the dollar this week, with investors having second thoughts as to whether another Fed hike may be needed, the US agenda will become lighter next week with the spotlight turning to the ISM non-manufacturing PMI. Elsewhere, the RBA and the BoC are holding their interest rate decisions, kick-starting a round of pivotal meetings by major central banks, which could well impact forthcoming directions of major currency pairs. Light US agenda, focus on ISM [..]

Market Comment – Calm ahead of US jobs report as markets pin hopes on cool-off

Posted on September 1, 2023 at 9:37 am GMT

Dollar and stocks drift sideways as August payrolls awaited for direction Asian equities outperform after China boosts support but aussie fails to catch fire Oil extends rebound amid tightening market, gold holds near highs All eyes on August NFP report It’s been a week of ‘bad news is good news’ for the markets as investors ramped up their bets that rates in the US have peaked following a slew of soft data suggesting that Fed tightening is starting to put [..]

Market Comment – Euro pulls back despite CPI beat as dollar braces for more US data

Posted on August 31, 2023 at 9:32 am GMT

Dollar slumps again amid more signs of US slowdown, core PCE next Euro see-saws after mixed CPI numbers Stocks extend rally on fading Fed hike expectations, China stimulus Soft US data streak continues Expectations of further tightening by the Fed diminished further on Wednesday after more data pointed to a slowing economy in the United States. Hot on the heels of Tuesday’s unexpected drops in job openings and a key gauge of consumer confidence, the ADP employment report also disappointed [..]

Technical Analysis – AUDUSD bounces back after hitting 9-month low

Posted on August 31, 2023 at 8:15 am GMT

AUDUSD had been in an aggressive decline after its bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. However, the pair appears to be attempting a recovery since it managed to halt its retreat at the nine-month bottom of 0.6363 in mid August. The momentum indicators currently suggest that the bearish forces are waning but have not surrendered yet. Specifically, the MACD is strengthening above its red signal line in the negative zone, while the stochastics [..]

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