All Articles Tagged - AUDUSD

Daily Market Comment – Stocks resume climb after uptick in jobless claims, dollar tumbles

Posted on June 9, 2023 at 9:09 am GMT

US weekly jobless claims hit highest in 1½-years, boosting Fed pause bets Tech stocks find reason to celebrate as yields decline but China weakness weighs Dollar skids but steadier today, aussie leads FX weekly gains Jobless claims lift spirits ahead of big week Market expectations for a Fed pause received a slight boost on Thursday, reviving hopes ahead of next week’s FOMC decision after hawkish turns from the RBA and Bank of Canada had dented them. Initial claims for unemployment [..]

Technical Analysis – AUDUSD back inside rectangle; bullish pressure persists

Posted on June 8, 2023 at 1:10 pm GMT

The much-anticipated downward AUDUSD breakout managed to disappoint the bears despite reaching 0.6458, the lowest level for almost 7 months. The bulls’ reaction has been forceful with this pair now trading at the midpoint of the rectangle that has been dominating the price action since February 24, 2023. Apart from the actual price gains, this upleg is important from a sentiment perspective and it increases the possibility for a retest of the upper boundary of the aforementioned pattern at 0.6797. [..]

Daily Market Comment – Dollar gets sidetracked as BoC joins RBA’s hawkish tilt

Posted on June 8, 2023 at 8:46 am GMT

BoC delivers second surprise hike of the week, aussie and loonie shine Markets forced to reassess their understanding of a ‘pause’ Dollar slips amid confusion over Fed policy, tech rally hit by un-pause fears Markets rattled by renewed higher-for-longer push The Bank of Canada became the second central bank to hike interest rates this week, joining Australia’s Reserve Bank in upping the battle against persistently high inflation. More significantly, Wednesday’s 25-basis-point hike marked an end to the Bank of Canada’s [..]

Technical Analysis – AUDUSD rebounds strongly but 200-day caps upside

Posted on June 8, 2023 at 7:09 am GMT

AUDUSD had been trending lower after peaking at the upper end of its rectangle pattern in early May. Although the pair managed to recover firmly from its 2023 low of 0.6457 on the back of an unexpected 25 basis points hike by the RBA, its advance got rejected by the 200-day simple moving average (SMA). The momentum indicators are reflecting a cautiously positive tone. The RSI has flatlined above its 50-neutral mark, while the MACD is strengthening above its red signal line but remains [..]

Daily Market Comment – Dollar mixed amidst increasing chances of a Fed skip

Posted on June 7, 2023 at 7:42 am GMT

The probability of a Fed pause next week rises to 80% Dollar gains the most against euro, loses versus the aussie Investors are split on whether the BoC should hike today Wall Street enjoys another day of gains Investors more convinced that the Fed will pause The US dollar traded mixed against the other major currencies on Tuesday, gaining some ground against the euro, the yen, and the Swiss franc, and underperforming versus the aussie, the kiwi and the loonie. [..]

Weekly Technical Analysis: 06/06/2023 – USDCAD, AUDUSD, Oil

Posted on June 6, 2023 at 11:48 am GMT

After a surprise rate hike by the Reserve Bank of Australia (RBA), the spotlight will fall on the Bank of Canada (BoC) on Wednesday. The central bank is expected to keep rates steady, while Friday’s Canadian jobs data could generate fresh volatility in USDCAD. Australian GDP growth figures may challenge AUDUSD earlier on Wednesday. Meanwhile in commodity markets, oil prices could not sustain OPEC-led gains. USD/CAD–> BoC rate decision The BoC will review its rate policy on Wednesday at 14:00 [..]

Daily Market Comment – Surprise RBA hike lifts aussie but Fed pause bets weigh on dollar

Posted on June 6, 2023 at 9:10 am GMT

Aussie jumps after RBA’s shock hike, loonie buoyed ahead of BoC decision US dollar on the backfoot after disappointing ISM services PMI Oil and stocks struggle amid economic and rate path uncertainty RBA shocks again, puts spotlight on BoC The Reserve Bank of Australia caught markets off guard for a second straight meeting on Tuesday, hiking the cash rate to a new decade high of 4.10%. The decision comes after inflation in Australia began to creep up again in April, [..]

Daily Market Comment – US jobs data keeps the door for a June pause wide open

Posted on June 5, 2023 at 7:56 am GMT

Dollar gains as NFPs beat estimates But June pause probability stays unmoved as wages slow RBA faces dilemma to hike or stay sidelined Saudi Arabia pledges oil cuts from July Dollar rebounds as US economy adds 339k jobs The US dollar traded higher against most of its major peers on Friday and continued to gain today after the US employment report revealed that the economy added 339k jobs in May, up from an upwardly revised 294k in April, and much [..]

Will the RBA surprise traders and raise rates again? – Forex News Preview

Posted on June 2, 2023 at 10:54 am GMT

The Reserve Bank of Australia will announce its next rate decision at 04:30 GMT on Tuesday. Markets are pricing in a 45% probability for another rate increase, as inflation has been hotter than anticipated lately. If the RBA raises rates, the Australian dollar could benefit, although it’s questionable whether the currency can sustain a rally with the Chinese economy losing steam. Hotter inflation, slower growth It will be a difficult decision for Australian central bank officials next week, as there [..]

Week Ahead – RBA and BoC to hold rates but might be tempted to hike, OPEC+ meets

Posted on June 2, 2023 at 9:42 am GMT

Policy decisions from the RBA and the Bank of Canada will be taking centre stage next week amid an otherwise light agenda. In the United States, the ISM services PMI will be the only top-tier release and now that Congress has averted a default by suspending the debt ceiling, the dollar might spend the week drifting lower. Before all that however, OPEC and non-OPEC countries will meet on Sunday to discuss whether to make further cuts to oil output. Will [..]

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