All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD sinks to fresh 2023 low, looking oversold

Posted on August 17, 2023 at 7:35 am GMT

AUDUSD has been in an aggressive decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. In the near-term, the pair is posting consecutive lower lows, with the price appearing to have approached oversold conditions as it is trading very close to the lower Bollinger band. The momentum indicators currently suggest that the recent selloff could be overstretched. Specifically, the MACD is softening below both zero and its red signal line at its lowest [..]

Market Comment – China cuts rates but stocks mixed, strong GDP fails to lift the yen

Posted on August 15, 2023 at 9:22 am GMT

China unexpectedly cuts key lending rate as weak data keeps pouring in, yuan skids Japanese growth surges in Q2 but yen hits fresh low, sparking intervention fears US retail sales eyed as tech stocks rally despite soaring yields Yuan slumps after rate cut as China concerns mount China’s central bank announced a surprise rate cut on Tuesday, lowering its one-year medium-term lending facility by 15 basis points to 2.50%. The seven-day reverse repurchase rate was also cut, but by a [..]

Market Comment – China worries intensify, pulling stocks lower as dollar firms

Posted on August 14, 2023 at 9:07 am GMT

More bad news about China’s economy unsettles markets Stocks extend slide, aussie slumps but dollar climbs to one-month high Yen breaches 145 per dollar level ahead of Japanese GDP data China hit by fresh property woes There seems to be no let-up in the streak of negative economic headlines out of China lately as hopes of a swift turnaround in the country’s embattled property market suffered a fresh blow on Monday. A major real estate player in the private sector, [..]

Week Ahead – Fed minutes, US retail sales and UK CPIs the highlights of a packed week

Posted on August 11, 2023 at 9:30 am GMT

The dollar pulled back after the miss in the US inflation data, but traders may have another opportunity to adjust their dollar positions as next week’s agenda includes the minutes from the latest Fed meeting and the retail sales for July. The pound will also enter the limelight as the UK CPIs could confirm whether investors were correct to slash their hike bets following the latest BoE gathering. Other releases include the RBNZ decision, where no action is expected, and [..]

Technical Analysis – AUDUSD sinks to two-month low; support at 0.6500.

Posted on August 8, 2023 at 2:21 pm GMT

AUDUSD fell by 1.0% to a new two-month low of 0.6498 due to China’s disappointing trade figures, becoming the worst performer among major pairs today. The 0.6500 level is being re-examined and there is hope that the pair could pivot at this point as it did last week. Nonetheless, the falling RSI and stochastic oscillators on the four-hour chart have yet to confirm oversold conditions, keeping the bias in the bearish area. Should the bears stay in charge, the focus will turn to [..]

Technical Analysis – AUDUSD sinks after posting double top pattern

Posted on August 8, 2023 at 2:05 pm GMT

AUDUSD has fallen sharply in recent weeks, after posting a double top near the 0.6900 region. The neckline of the double top pattern at 0.6600 was soon violated and then acted as resistance for the price action, painting a negative outlook for the pair and signaling the resumption of the longer-term downtrend that started in 2021. In fact, the downtrend seems to be intensifying as the slope of the trendlines connecting the pair’s highs is becoming steeper. The downtrend line [..]

Weekly Technical Outlook – EURUSD, GBPUSD, AUDUSD

Posted on August 7, 2023 at 2:21 pm GMT

After a mixed US employment report, traders will assess CPI inflation readings on Thursday for clues on the Fed’s next interest rate decision in September. The UK will report GDP growth figures on Friday, while in Asia, China’s CPI inflation and trade figures might deliver new hints on Beijing’s stimulative policy on Tuesday and Wednesday, respectively. Hence, this week’s calendar events could make EURUSD, GBPUSD and AUDUSD worthy to watch. US CPI inflation –> EUR/USD The US employment growth slowed surprisingly to [..]

Market Comment – Equities left reeling from yields spike, FX quiet ahead of NFP

Posted on August 4, 2023 at 9:23 am GMT

China support aids rebound in stocks after bruising week amid surging yields Dollar steady as markets brace for possible surprises in July jobs report Pound off lows but BoE offers little upside, aussie crawls higher too Mood improves as bond rout eases before NFP Global equity markets started Friday on a somewhat more optimistic tone after coming under heavy selling pressure this week from a spike in bond yields even as major central banks signal doubts about the need for [..]

Technical Analysis – AUDUSD extends retreat below rectangle, 2023 lows in sight

Posted on August 3, 2023 at 8:16 am GMT

AUDUSD has been in a steady decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. Moreover, in the near term, the pair has exited the sideways pattern to the downside, while its break beneath both the 50- and 200-day simple moving averages (SMAs) has painted a gloomy technical picture. The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the RSI is negatively charged below its 50-neutral mark, while the MACD [..]

Technical Analysis – AUDUSD tumbles and revisits the low of July 28

Posted on August 1, 2023 at 12:40 pm GMT

AUDUSD tumbled on Tuesday after the RBA decided to refrain from lifting interest rates, with the pair falling all the way down to the low of July 28 at around 0.6620. Overall, the price structure remains of lower highs and lower lows below the downtrend line drawn from the peak of July 14, which keeps the short-term outlook bearish. Both the RSI and the MACD are detecting negative momentum, corroborating the view that the pair may be poised to continue [..]

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