All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD escapes bearish breakdown but bias weak

Posted on June 1, 2023 at 7:34 am GMT

AUDUSD bounced back above the nearby 0.6483 base, which has been buffering selling forces since the start of May, after a flash spike to a new six-month low of 0.6457 on Wednesday. The rebound in the stochastic oscillator promotes an upside breakout or some stabilization, though stronger bullish signals are required to boost market sentiment. Moreover, the RSI is comfortably below its 50 neutral mark and the MACD remains negatively charged below its red signal line, both suggesting sellers have not abandoned their efforts [..]

Technical Analysis – Can the AUDUSD bearish breakout last?

Posted on May 31, 2023 at 1:51 pm GMT

AUDUSD has finally broken below the rectangle that has been in place since February 24, as the bears’ third attempt appears to be successful. The next challenge for AUDUSD bears is to push this pair aggressively lower and negate any thoughts of a false breakout. At this juncture, the momentum indicators are on the bears’ side. The Average Directional Movement Index (ADX) has climbed to the highest level since the January 2023 rally, signaling a powerful bearish trend. A similar message comes [..]

Weekly Technical Analysis – USDJPY, EURJPY, AUDUSD

Posted on May 30, 2023 at 1:46 pm GMT

The ongoing US debt ceiling talks will keep everyone on their toes until the deal is passed, but USDJPY may get extra volatility on Friday if nonfarm payrolls shed more light on what the Fed’s June policy decision will be. Eurozone’s CPI inflation figures might challenge the exciting bull run in EURJPY, while Australia’s monthly inflation report and China’s business PMI surveys could make AUDUSD important to watch as well. US Nonfarm payrolls –> USDJPY The US labor market [..]

Technical Analysis – AUDUSD trades in bearish mode

Posted on May 30, 2023 at 7:58 am GMT

AUDUSD traded lower today after triggering some selling orders slightly below the downtrend line drawn from the high of May 10. In the bigger picture, the pair is not only trading below that line, but also below the key area of 0.6625, which acted as the lower boundary of the sideways range that contained most of the price action between February 24 and May 23. This paints a negative short-term outlook for now. Both the RSI and the MACD are [..]

Daily Market Comment – Dollar pauses for breath ahead of inflation data, tech rally eases

Posted on May 26, 2023 at 9:20 am GMT

Fed rate cut bets continue to be priced out, all eyes on core PCE inflation US dollar softer today but still headed for third weekly gain Debt deal progress and AI buzz lift Wall Street, global equities Fed rate cut bets pushed back as summer hike seen certain The US dollar eased off two-month highs on Friday as the three-week rally paused for breath amid the sharp repricing of the Fed’s rate path. Treasury yields also cooled off as investors [..]

Technical Analysis – AUDUSD pauses decline but bears still in control

Posted on May 25, 2023 at 8:01 am GMT

AUDUSD plummeted to a six-month low on Wednesday to find support around the key 0.6525 area, which is the broken neckline of the inverse head and shoulders pattern registered last Autumn. From a technical perspective, the bearish wave has more room to run as the falling RSI has yet to reach its 30 oversold level, while the Stochastic oscillator has flipped backwards to re-enter the oversold region below 20. The MACD keeps decelerating within the negative zone, sending bearish vibes as well. [..]

Technical Analysis – Is AUDUSD ready for a downward breakout?

Posted on May 24, 2023 at 12:03 pm GMT

AUDUSD is edging lower today, testing the lows of the rectangle that has been in place since February 24. This is the bears’ third attempt to finally break the lower boundary of this range. For this potential breakout to be considered as valid, the bears need at least three daily closes well below the current 0.6563 level. With the simple moving averages (SMAs) edging lower, the focus turns to the momentum indicators. The RSI has been hovering below 50 and appears [..]

Daily Market Comment – Powell talks pause but debt ceiling uncertainty weighs on sentiment

Posted on May 22, 2023 at 9:46 am GMT

Powell signals Fed may be done raising rates, pushing June hike odds into reverse Dollar takes a tumble but quickly finds its footing Stocks also struggle amid ongoing debt ceiling drama as clock keeps ticking Powell takes over pause debate, sides with the doves Fed Chair Jerome Powell waded into the policy debate on Friday, adding his much-anticipated view on whether or not the time has come to press the pause button on rate increases. It comes after a week-long [..]

Technical Analysis – AUDUSD in tight range; decisive breakout needed

Posted on May 19, 2023 at 9:06 am GMT

AUDUSD is edging higher today but remains well inside the rectangle that has formed since February 24. This recent range-trading is a depiction of the indecisiveness of market participants to commit to a specific move. As the direction of the breakout is unknown ahead of time, the focus turns to the momentum indicators for valuable information. However, the subdued Average Directional Movement Index (ADX) confirms the current range-trading theme, and the RSI is just a tad below its 50-threshold. In addition, [..]

Daily Market Comment – Dollar holds firm on debt-ceiling hopes

Posted on May 18, 2023 at 8:00 am GMT

Debt-ceiling negotiations moving in the right direction Housing data point to improvement US dollar gains, but full-scale reversal remains premature Wall Street, oil, and gold reflect market optimism Data and debt-ceiling headlines keep the dollar supported The dollar traded mixed against the other major currencies yesterday, losing mostly against the risk-linked currencies, which likely received support from gains on Wall Street. Today, the greenback is outperforming almost all its major counterparts. What may have kept traders willing to add to [..]

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