All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD bounces off 200-period SMA but struggles to maintain momentum

Posted on June 27, 2023 at 3:07 pm GMT

AUDUSD managed to hit the brakes on its slide as it landed on the 200-period simple moving average (SMA), bouncing somewhat higher in the aftermath. But the victory was a hard-fought battle for the bulls and the rebound is already looking shaky in the four-hour chart. The stochastic oscillator suggests the near-term bias has turned negative again as the %K line has dipped below its slower-moving counterpart. The RSI is also edging lower but not by much and it remains [..]

Daily Market Comment – Dollar extends gains as hawkish central bank tone sours mood

Posted on June 23, 2023 at 9:10 am GMT

Recession fears heightened after BoE surprises with 50-bps hike, Eurozone PMIs disappoint Hawkish Fed commentary further underscores need for more central bank tightening Dollar advances as pound and euro slide, Wall Street heads for rare weekly loss Recession gloom returns as growth outlook dims The Federal Reserve and ECB set the tone more than a week ago, but it’s taken another round of hawkish central bank rhetoric, culminating with the Bank of England’s larger-than-expected rate hike, for markets to finally [..]

Technical Analysis – AUDUSD retraces back into rectangle after failed breakout

Posted on June 22, 2023 at 7:49 am GMT

AUDUSD managed to cross above its rectangle pattern and post a fresh four-month peak of 0.6898 in the past week. However, this advance proved to be short-lived and the pair quickly fell back within its recent range, trading flat in the last couple of daily sessions. The momentum indicators are reflecting a loss of positive momentum. The RSI is ticking down slightly above its 50-neutral mark, while the MACD is softening but remains positive and above its red signal line. Should the [..]

Technical Analysis – AUDUSD back inside rectangle; SMAs convergence flashing red

Posted on June 20, 2023 at 1:37 pm GMT

The much-anticipated upward AUDUSD breakout managed to quickly disappoint the bulls. The pair managed to record a 4-month high of 0.6899 before quickly dropping. It currently trades around 0.6775, back inside the rectangle that has been dominating the price action since February 24, 2023, and below the November 3, 2022 upward sloping trendline. Apart from the actual price gains, this downleg is important from a sentiment perspective. The bears probably feel in control of the market as both the RSI [..]

Daily Market Comment – China concerns hit sentiment; dollar looks to Powell & Co. for direction

Posted on June 20, 2023 at 9:19 am GMT

China rate cut unable to lift market mood as doubts grow about economy Wall Street futures struggle ahead of Powell testimony, dollar drifts sideways Yen’s freefall pauses, pound softer ahead of CPI data, aussie slides on RBA minutes China stimulus: too little too late? Equity markets were mostly on the backfoot again on Tuesday as an expected rate cut in China failed to ease concerns about the flagging economy while constantly shifting rate hike expectations elsewhere added to investors’ apprehension. [..]

Daily Market Comment – Stocks slip, dollar steadies as rate hikes, a rate cut and Powell awaited

Posted on June 19, 2023 at 9:12 am GMT

Equities start week on the backfoot amid uncertainties; can Powell change the mood? China steps up effort to boost economy but Asian stocks unimpressed Pound shines ahead of BoE decision, SNB coming up too, dollar crawls off lows Cautious tone as Fed doubts take over Another busy week has gotten underway as markets are hoping to decipher more about the Fed policy path from Chair Jerome Powell’s Congressional hearings than they did from last week’s meeting. Powell is due to [..]

Week Ahead – Can the BoE and SNB hike by 50bps? Flash PMIs incoming

Posted on June 16, 2023 at 12:09 pm GMT

The central bank theme will continue in the coming week with the Bank of England and Swiss National Bank next to announce their interest rate decisions. Both are expected to raise their policy rates but is there room for hawkish surprises? The flash PMIs for June will also be on investors’ radar as some regions such as the Eurozone grapple with a recession. Inflation data will be the highlight in Japan but it’s looking like a quieter period in the [..]

Daily Market Comment – Dollar falls on soft data, euro rallies after ECB

Posted on June 16, 2023 at 8:20 am GMT

Investors defy Fed, expecting rates to peak soon ECB appears hawkish, lifts the euro BoJ maintains loose policy, hurts the yen Wall Street rallies on hopes Fed hiking cycle is ending Dollar slides as traders believe rate peak is near The US dollar traded lower against all but one of the other major currencies on Thursday, with the aussie and the euro taking the lead. The only currency against which the greenback gained some ground was the yen. Despite the [..]

Technical Analysis – Will the nonstop rally in AUDUSD falter?

Posted on June 15, 2023 at 7:47 am GMT

AUDUSD has been enjoying an almost three-week nonstop rally, gaining around 5.0% since the bounce on the 0.6500 level at the end of May. On Wednesday, the pair reached its highest level since February and closed slightly above the 0.6780 ceiling, which has been capping bullish actions over spring. The impressive ascend could motivate some profit-taking as the RSI and the stochastic oscillator are hovering near overbought territory. Yet, the indicators have yet to show a clear downside reversal, suggesting some [..]

With the RBA on the sidelines, could positive domestic data support the aussie? – Forex News Preview

Posted on June 12, 2023 at 9:58 am GMT

With the hawkish RBA paving the way for the remaining central banks that hold their respective meetings this week, the focus domestically turns to incoming data releases. Could the aussie bulls feel confident in continuing the recent rally against the US dollar towards the 0.6797 area? RBA rate hike still impacting market sentiment Last week’s surprising rate hike announcement by the RBA has been reverberating everywhere. The BoC was the first one to follow on the RBA’s path with a [..]

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