All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD remains suppressed by 200-day SMA

Posted on July 6, 2023 at 7:26 am GMT

AUDUSD has been on a wild ride during the past two months, posting a false bearish breakout from its rangebound pattern which was followed by a false bullish breakout. In the past few sessions, the pair has been repeatedly held down by the 200-day simple moving average (SMA), but the bulls have not surrendered yet. This inability to claim the congested region that includes both the 50- and 200-day SMAs is also reflected in the short-term oscillators. Specifically, the RSI [..]

Technical Analysis – AUDUSD recovers after finding support at 0.6594

Posted on July 4, 2023 at 2:44 pm GMT

AUDUSD has been in a recovery mode since June 28, when it hit support at 0.6594, slightly above 0.6575, which is the lower boundary of the sideways range that’s been containing the price action since February 24. As long as the pair is trading within that range, the near-term outlook remains neutral, but the fact that the current recovery started from the lower bound suggests that some further recovery within the range may be possible. Both the RSI and the [..]

Daily Market Comment – Risk rally fades on manufacturing slump but markets stay calm

Posted on July 4, 2023 at 9:26 am GMT

Drop in ISM manufacturing PMI rounds up malaise in global factory activity Dollar and stocks steady as Fed rate path little changed, all eyes on NFP report Aussie falls then bounces after RBA holds rates; oil prices whipsaw on OPEC+ cut Weak manufacturing PMIs dampen mood Markets were generally trading sideways on Tuesday as investors pondered central banks’ next moves amid conflicting signals from the latest data and a bank holiday in the United States. Trading in July initially got [..]

Technical Analysis – AUDUSD battles with SMAs within rectangle pattern

Posted on July 3, 2023 at 3:13 pm GMT

AUDUSD has been on a wild ride during the past two months, posting a false bearish breakout from its rangebound pattern which was followed by a false bullish breakout. In the near term, the pair has been gaining ground, but the congested region that includes both the 50- and 200-day simple moving averages (SMAs) is acting as a strong ceiling. The short-term oscillators currently suggest that positive momentum is cautiously picking up. Specifically, the RSI is charging higher towards its [..]

Weekly Technical Analysis – USDJPY, AUDUSD, Gold

Posted on July 3, 2023 at 2:07 pm GMT

We expect the start of the week to be quiet in the US as traders enjoy a long weekend, celebrating the July 4th Independence Day with fanfare and fireworks. The week ahead, however, could put markets back on the central bank watch as a bulk of employment data, including Friday’s all important nonfarm payrolls, could influence the Fed’s next rate decision. Monday’s ISM manufacturing PMI figures will not be ignored either despite the holiday mood. Elsewhere, the Reserve Bank of [..]

Daily Market Comment – Stocks roar higher as US inflation cools slightly, optimism rises

Posted on July 3, 2023 at 9:15 am GMT

Tech stocks lead Wall Street higher in strong first half as PCE inflation eases Growth optimism outweighs Fed rate hike bets as Asia rallies too But dollar bounces off lows ahead of ISM PMIs, jobs report Recession fears ease further after soft core PCE US stocks continue to defy gravity, shrugging off concerns about more Fed rate increases and an uncertain economic outlook to notch up solid gains for the first half of 2023. The S&P 500 just had its [..]

Will the RBA surprise the market for a third time? – Forex News Preview

Posted on June 30, 2023 at 1:16 pm GMT

On Tuesday, at 04:30 GMT, the Reserve Bank of Australia (RBA) will announce its July monetary policy decision. After two consecutive surprise hikes, most market participants believe that policymakers will step to the sidelines this time, but economists foresee a 25bps hike by a very slim majority. Will the RBA go against market bets for the third time in a row? The RBA confounded market bets in May and June At its June meeting, the RBA caught the market off [..]

Week Ahead – Will US nonfarm payrolls and RBA decision rock the boat?

Posted on June 30, 2023 at 11:44 am GMT

Markets have been left somewhat bruised from a fresh round of hawkish gunfire from central bank chiefs, so nerves are running high ahead of the June jobs report out of America. The ISM PMIs and the Fed meeting minutes are also expected to send speculation about a July rate hike into overdrive. However, Australia’s Reserve Bank might decide against raising interest rates thrice in a row. The yen, meanwhile, will be hoping that Japanese data will provide some relief from [..]

Technical Analysis – AUDUSD erases June’s upleg; bias bearish

Posted on June 29, 2023 at 7:25 am GMT

AUDUSD sank to a three-week low of 0.6596 on Wednesday as the bulls could not find enough buyers to jump above the 200-day simple moving average (SMA) at 0.6690. The pair is marking its second negative week, having trimmed more than half of June’s bull run to 0.6898. Downside pressures could persist in the coming sessions as the technical indicators continue to slope southwards. The falling RSI has yet to reach its 30 oversold level, while the MACD remains negatively charged [..]

Daily Market Comment – Euro rebounds on hawkish ECB rhetoric, yen extends slide

Posted on June 28, 2023 at 8:11 am GMT

Euro rebounds as ECB officials appear in hawkish suits Yen extends slide, despite new intervention warnings Loonie and aussie slide on lower-than-expected CPI data Wall Street gains on upbeat US data ECB hawkish rhetoric boosts the euro The US dollar traded lower against most of the other major currencies on Tuesday, losing the most ground against the euro and gaining only against the Japanese yen and the Canadian dollar. The euro rebounded strongly after ECB policymakers appeared at the central [..]

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