All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD continues to trade in sideways manner

Posted on May 16, 2023 at 2:49 pm GMT

AUDUSD has been in a sliding mode this week, after hitting resistance near its 50-period exponential moving average (EMA). That said, in the bigger picture, the pair has been trading sideways since February 24, with most of the price action being contained between the 0.6625 and 0.6795 barriers. Therefore, the short-term outlook for now remains neutral. Both the short-term oscillators are detecting negative momentum. The RSI is lying below 50, but it has turned up today, while the MACD, although [..]

Will Australia’s labor data tempt the RBA to hike again? – Forex News Preview

Posted on May 16, 2023 at 11:19 am GMT

Despite the Reserve Bank of Australia (RBA) saying at its May meeting that more rate increases may be required, investors are nearly convinced that it will take no action at the June gathering, and evenly split on whether another 25bps may be warranted in August or September. So, to get a better sense of how the RBA may proceed henceforth, they may pay close attention to wage growth and employment data, due out on Wednesday and Thursday, respectively. Market expects [..]

Chinese data on radar amid worries of a faltering economic recovery – Forex News Preview

Posted on May 12, 2023 at 12:35 pm GMT

The next batch of economic indicators out of China are due on Tuesday (02:00 GMT) and after some dismal numbers recently, all eyes will be on the industrial output and retail sales releases for April. Fears have been running high lately that the post-pandemic recovery in China is stuttering as the country transitions from a high-growth to sustainable-growth economy. The concerns have added to broader recession risks globally, weighing on market sentiment. Thus, any positive surprises could buoy risk appetite. [..]

Daily Market Comment – US inflation dips below 5% but dollar quickly bounces back

Posted on May 11, 2023 at 9:03 am GMT

US CPI eases to two-year low, fuelling Fed rate cut expectations Yields decline but dollar advances after limited selloff Pound in the spotlight today as BoE expected to hike again Fed pause looking more likely after CPI dip Despite some concerns that inflation would quicken in April, the latest CPI readings signalled continued progress for the Fed in its fight to restore price stability. The US consumer price index rose by 4.9% y/y last month, missing expectations that the rate [..]

Technical Analysis – Is AUDUSD ready for a bullish breakout?

Posted on May 11, 2023 at 7:55 am GMT

AUDUSD had been trending lower within a downward sloping channel after peaking at 0.7157 in early February. Although the pair managed to break above this bearish pattern, it has been directionless since then, while its recent attempt to escape its tight range faltered and the price experienced a pullback. The short-term oscillators are cautiously tilting towards the positive side. The RSI is pointing down above its 50-neutral mark, while the MACD histogram is holding above zero and its red signal line. Should buying pressures [..]

Technical Analysis – AUDUSD pulls back near the upper band of the sideways channel

Posted on May 9, 2023 at 12:45 pm GMT

AUDUSD continues to trade within a sideways channel with upper boundary the 0.6790 resistance level and lower boundary the 0.6560 support level. Today, the price pulled back from 0.6790 with the RSI indicator turning lower too, confirming the recent negative direction in price. Though, the MACD oscillator is pointing marginally up above its trigger and zero lines. On the upside, the price could attempt to overcome the 0.6790 barrier, which if successfully broken could open the door for the long-term descending trend line and the 0.7030 resistance. [..]

Technical Analysis – AUDUSD suggests bearish correction on cards

Posted on May 9, 2023 at 9:05 am GMT

AUDUSD is plunging from the 0.6795-0.6805 restrictive region, giving the green light for a bearish correction in the short-term, especially if there is a drop beneath the 20-period simple moving average (SMA). The RSI is dropping in the bullish area, while the MACD is extending its decline beneath its trigger line. Should the pair stretch south, the 20-period SMA at 0.6740 could provide immediate support before the pair touches the 200-period SMA at 0.6690. If the selloff extends, the attention [..]

Daily Market Comment – Dollar receives mild support ahead of CPI data

Posted on May 9, 2023 at 7:49 am GMT

Dollar rises as Fed survey eases recession fears Risk-linked currencies gain more on improving sentiment Spotlight turns to US CPI numbers Wall Street trades mixed ahead of the data Fed loan survey lends mild support to the US dollar The US dollar gained some ground versus the euro, the pound, and the yen yesterday, but underperformed against the risk-linked aussie, kiwi and loonie. The greenback is slightly outperforming most of its peers today. Traders may have decided to buy some [..]

Weekly Technical Analysis – GBPUSD, EURUSD, AUDUSD

Posted on May 8, 2023 at 9:53 am GMT

This week the focus of attention will be on the Bank of England’s policy decision, the US CPI data and the China CPI so the instruments to have in mind are GBPUSD, EURUSD and AUDUSD and how they may react. BoE decision → GBPUSD The Bank of England’s policy meeting will take place on Thursday at 11:00 GMT. A rate increase of 25bps is already priced in, so attention will shift to any indications or announcements about future policy. As a result, the pound is unlikely to react [..]

Daily Market Comment – Dollar can’t catch a break despite solid NFP as CPI eyed

Posted on May 8, 2023 at 9:26 am GMT

US dollar stays on the backfoot even as jobless rate unexpectedly dips in April Fed rate cut bets still elevated; will inflation data alter anything? US bank stocks rebound but worries persist, debt ceiling standoff adds to jitters Markets unfazed by strong US jobs report It was another allrounder strong payrolls report on Friday as the US economy added an impressive 253k jobs in April, beating the consensus forecasts. More significantly, the unemployment rate unexpectedly edged lower to a five-decade [..]

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