All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD unlocks new 8-month high above 0.6800

Posted on August 29, 2024 at 7:28 am GMT

AUDUSD increases 7% in August 20- and 50-day SMAs post bullish cross Stochastic in overbought region RSI still beneath 70 area AUDUSD hit a new eight-month high above the 0.6800 round number, breaking the long-term descending trend line to the upside. Following the bearish spike on August 5, the pair gained over 7%. Technically, the 20- and 50-day simple moving averages (SMAs) are ready for a bullish crossover. The stochastic oscillator is pointing north above the 80 level, whereas the RSI is moving [..]

Daily Comment – Markets cautious as Nvidia earnings and key US data loom

Posted on August 28, 2024 at 8:09 am GMT

Dollar pauses slide as jobs and inflation data awaited Yen pulls back but hawkish BoJ signals keep it elevated Wall Street awaits Nvidia, oil retreats on demand worries Dollar awaits key data for direction The US dollar extended its slump against all its major peers on Tuesday, as in the absence of any top-tier data and shocking headlines, investors continued to digest Powell’s dovish stance at Jackson Hole. However, today, the dollar is in a recovery mode, perhaps as short [..]

Technical Analysis – Will AUDUSD continue its bullish wave trend?

Posted on August 27, 2024 at 9:12 am GMT

AUDUSD holds in tight range near its recent high RSI and MACD point down AUDUSD has been stuck within a range bound pattern in the near term defined by the 0.6794 and 0.6760 levels, although the price has been maintaining a bullish tendency since the beginning of August. However, the technical oscillators suggest a potential downside retracement. The RSI is ticking lower above the neutral 50 level, while the MACD is sliding beneath its trigger line in the positive area. If the price [..]

Daily Comment – Rate cut euphoria tempered by geopolitics as oil surges

Posted on August 27, 2024 at 8:54 am GMT

Mood turns cautious amid geopolitical uncertainty in Libya and Gaza Fears of supply disruptions drive up oil prices, S&P 500 closes lower China concerns also weigh but European stocks turn positive as data awaited Geopolitical risks take over as oil rallies Equity markets were mixed on Tuesday and the US dollar consolidated as investors turned cautious ahead of the week’s main events amid renewed fears about disruptions to oil supply. Investors turned cautious ahead of the week’s main events amid [..]

Week Ahead – PCE inflation eyed as Fed lays groundwork for September cut

Posted on August 23, 2024 at 8:22 am GMT

Focus to stay on the Fed as PCE inflation to be week’s main highlight Eurozone inflation data to be crucial for ECB rate cut hopes Australian and Tokyo CPI, plus Canadian GDP also on the agenda Will PCE inflation disappoint dovish expectations? The Fed’s long-anticipated dovish pivot is upon us and markets are bracing for the first US rate cut of this cycle at the September 17-18 meeting. However, the Fed remains largely data dependent and with the September decision [..]

Technical Analysis – AUDUSD loses some positive momentum

Posted on August 22, 2024 at 7:07 am GMT

AUDUSD gains more than 6% after bottoming at 0.6350 Immediate resistance near long-term downtrend line Technical oscillators suggest bearish correction AUDUSD has posted an impressive bullish rally after the bearish doji candle on August 5, adding more than 6%. The price has overcome the simple moving average lines and is currently slightly below the weekly downtrend line, which represents the highs from January 2023. However, the technical oscillators indicate a downside retracement in the market. The stochastic created a bearish [..]

Market Comment – Dollar under pressure ahead of Jackson Hole Symposium

Posted on August 20, 2024 at 7:54 am GMT

Stocks in the green again as investors await the Jackson Hole gathering Economists look for strong Fed easing in 2024 despite recession talk dissipating Dollar remains on the back foot against most currencies Aussie fails to benefit from hawkish minutes; loonie could suffer from weak CPI Stocks still in the green Stocks continue to enjoy green sessions as the market is counting down to Friday’s Jackson Hole speech by Fed Chairman Powell. Expectations for a dovish appearance are keeping equities [..]

Technical Analysis – AUDUSD retains positive mood

Posted on August 19, 2024 at 2:30 pm GMT

AUDUSD stays in recovery mode; flirts with 0.6700 Short-term bias remains on the positive side AUDUSD received fresh buying on Monday to almost reach the 0.6700 number following Friday’s close above the 50-day simple moving average (SMA). The pair has been trending up since the plunge to 0.6346 in early August, having completed two green weeks. There might be more progress ahead as the rising RSI is still some distance below its 70 overbought level and the MACD is [..]

Market Comment – US retail sales eyed after CPI report fails to set off fireworks

Posted on August 15, 2024 at 8:45 am GMT

US inflation eases further in July but market reaction is muted Wall Street unimpressed, dollar mixed Yen and pound supported by upbeat GDP data US CPI does little for 50-bps cut hopes The steady recovery in risk appetite remains on track following yesterday’s inflation numbers out of the US that seem to have somewhat underwhelmed investors. Headline CPI eased to 2.9% y/y in July instead of staying unchanged at 3.0% as expected, while core CPI edged down to 3.2% y/y. [..]

Technical Analysis – AUDUSD rebound gets blocked by 50-day SMA

Posted on August 15, 2024 at 6:36 am GMT

AUDUSD retraces 61.8% of the July-August selloff But meets tough resistance at 50-day SMA AUDUSD has surged by around 4.5% from the August 5 low of 0.6347 but the recovery has hit a snag at the 50-day simple moving average (SMA) in the 0.6635 region. After two days of unsuccessful attempts to overcome this barrier, the price has now slipped below the 61.8% Fibonacci retracement of the July-August slump at 0.6625. The technical indicators remain positive but are sending mixed [..]

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