All Articles Tagged - AUDUSD

Technical Analysis – The next leg in AUDUSD lies in the hands of a downtrend line

Posted on July 20, 2023 at 9:02 am GMT

AUDUSD bulls are staging another breakout as they desperately try to move away from the recent rectangle. However, the February 2, 2023 downward sloping trendline is proving too strong for them, halting twice their advance. This is the bulls’ third attempt to overcome this resistance trendline in the past 35 days. Gradually, the market momentum is shifting away from the bulls. The Average Directional Movement Index (ADX) appears to be uninterested in the bulls’ efforts and is stuck below its 25-threshold. Similarly, the [..]

Daily Market Comment – Dollar’s fate lies on the Fed as ECB officials soften tone

Posted on July 20, 2023 at 8:32 am GMT

Dollar extends recovery, awaits Fed decision ECB’s Stournaras said July hike would be enough Pound, yen extend retreat, aussie gains on jobs report Tesla and Netflix earnings results disappoint Dollar’s fate lies in the hands of the Fed The dollar continued to trade higher against most of the other major currencies on Wednesday, perhaps as traders further liquidated short positions after last week’s tumble due to the larger-than-expected slowdown in consumer and producer prices for June. Nonetheless, in the absence of [..]

Technical Analysis – AUDUSD consolidates after validating double-top pattern

Posted on July 18, 2023 at 2:26 pm GMT

AUDUSD had been re-gaining ground in the four-hour chart after its recent decline ceased at 0.6594. However, this recent rebound got rejected near the June high of 0.6898, with the price forming a double-top pattern before retracing lower. This latest pullback is also confirmed by the momentum indicators. Specifically, the stochastics are descending after posting a bearish cross and the MACD is retreating further towards zero, while remaining well below its red trigger line. Should the recent pullback extend, the price [..]

Daily Market Comment – Euro on fire as dollar sags ahead of US data, earnings

Posted on July 18, 2023 at 9:18 am GMT

Euro hits 17-month high before ECB’s Visco knocks it lower Bruised dollar sets sights on US retail sales as Treasury yields resume slide Equities mixed despite China’s aim to boost consumption; earnings awaited Euro leads charge against US dollar The post-CPI headache for the US dollar is showing no signs of receding as speculation about monetary policy divergence continues to intensify, with the euro being the biggest winner in this latest phase. The single currency briefly surged to a 17-month [..]

Will China’s Q2 GDP data be the next bull catalyst in markets? – Forex News Preview

Posted on July 14, 2023 at 1:44 pm GMT

While China is having another power battle in the artificial intelligence field against the US, economists are still hoping for the second biggest economy to bolster global growth as recession fears in the rest of the world persist. Monday’s Q2 GDP growth figures could bring some cheer to investors, likely showing the fastest expansion in two years. Q2 GDP growth expected to pick up pace China’s post-lockdown growth was not satisfactory to investors, despite a 4.5% y/y expansion. Traders [..]

Technical Analysis – Will the AUDUSD breakout have legs?

Posted on July 14, 2023 at 12:24 pm GMT

AUDUSD bulls are currently staging their fifth breakout from the rectangle that has been dominating the price action since February 24, 2023. Compared to the last breakout in mid-June, the bulls have managed to break the February 2, 2023 downward sloping trendline and they are now preparing to finally record a decisive move higher. Most momentum indicators are currently on their side. The Average Directional Movement Index (ADX) has just climbed above its 25-threshold and it is pointing to a [..]

Week Ahead – Focus on China GDP and US retail sales, more CPI data on tap

Posted on July 14, 2023 at 10:39 am GMT

Inflation data will continue to dominate the economic agenda in the coming week, although the spotlight will probably fall on Chinese GDP figures as well as US retail sales. The countries reporting CPI numbers include Canada, New Zealand, Japan and the United Kingdom. With inflation seemingly coming under control in America, investors will be on the lookout for any divergence in other countries’ progress. However, sentiment will likely be shaped by growth indicators from the world’s two largest economies as [..]

Daily Market Comment – Dollar takes another bullet after easing producer prices

Posted on July 14, 2023 at 8:13 am GMT

US producer prices barely increase in June Dollar extends fall as investors add to their Fed cut bets Euro and pound extend their uptrends; aussie and kiwi rally Wall Street rises on cooling inflation; bank earnings on tap Dollar takes another dive after soft PPI data The US dollar extended its free fall on Thursday against all the other major currencies, taking another steep dive after more US data added credence to the view that the Fed may be closer [..]

Technical Analysis – AUDUSD breaks rectangle; fifth time lucky for the bulls?

Posted on July 13, 2023 at 6:59 am GMT

AUDUSD bulls are staging their fifth breakout, hoping to be more successful this time around and to finally break the rectangle that has been dominating the price action since February 24, 2023. The overall technical picture is positive for the bulls. The RSI has jumped above its 50-midpoint, and it is now trying to make a higher high. More importantly, the stochastic oscillator has broken above its moving average and it is now moving higher in a vertical fashion. If [..]

Daily Market Comment – Dollar extends fall ahead of US inflation data

Posted on July 12, 2023 at 7:39 am GMT

US dollar beaten up as US inflation report looms Narrowing yield differentials turbocharge the yen RBNZ takes the sidelines, BoC takes the central bank torch Wall Street and gold gain on sliding Treasury yields Dollar traders are positioning for a soft US CPI report The US dollar continued tumbling on Tuesday and during the Asian session Wednesday, losing ground against all the other major currencies. Perhaps traders are positioning for another soft US CPI report later today, a view that [..]

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