All Articles Tagged - AUDUSD

Technical Analysis – AUDUSD in a bearish configuration

Posted on March 10, 2023 at 8:54 am GMT

AUDUSD has been in a tight range, unable to recover from Tuesday’s crash to 0.6579, and this continues to push the pair, on a weekly basis, back to the red zone. The sharp shorting emerged after the strong rejection near the descending trendline drawn from May 2021, though an upside reversal might be underway as the RSI and the stochastic oscillator are currently flirting with oversold levels. Yet, as long as the indicators hover within the bearish area, downside corrections are more likely [..]

Technical Analysis – AUDUSD plummets to 2½ -month low; bearish bias

Posted on March 7, 2023 at 2:06 pm GMT

AUDUSD is plunging more than 1% today, creating a fresh two-and-a-half-month low at 0.6658 and also remaining well below the medium-term uptrend line. The MACD oscillator is strengthening its negative momentum below its trigger and zero lines, while the RSI is sloping south in the negative region. If prices continue to head lower, support should come from the 0.6630 barrier ahead of 0.6580. A drop below these lines would reinforce the short-term bearish view and open the way towards the [..]

Technical Analysis – AUDUSD extends its downtrend

Posted on March 7, 2023 at 1:23 pm GMT

AUDUSD slipped today, breaking below the 0.6695 support (now turned into resistance) barrier, and confirming a lower low on the 4-hour chart. In the bigger picture, the pair is printing lower peaks and lower troughs below the downtrend line drawn from the high of February 2, as well as below all three of the plotted moving averages. This paints a negative short-term outlook for now. The case for further declines is also supported by the short-term momentum indicators. The RSI fell below 30 [..]

Daily Market Comment – Dollar loses steam ahead of Powell’s testimony

Posted on March 7, 2023 at 9:52 am GMT

Fed chief testifies before Congress, investors focused on his tone Aussie slides after cautious RBA rate hike, yen ignores softer data Stock markets little changed, waiting for Fed signals and US payrolls Powell appears before Congress The spotlight today will fall on Fed Chairman Powell, who will testify before the Senate Banking Committee at 15:00 GMT. Investors usually pay more attention to the Q&A session with lawmakers, where the Fed chief will face a grilling on the outlook for inflation [..]

Weekly Technical Analysis – AUDUSD, USDCAD, USDJPY

Posted on March 6, 2023 at 11:59 am GMT

This week the focus of attention will be on the RBA and BoC policy meetings as well as on the NFP report so, how may AUDUSD, USDCAD and USDJPY react? RBA decision → AUDUSD Early on Tuesday, the Reserve Bank of Australia (RBA) policy meeting will take place and markets give a 75% probability for a quarter-point rate hike. AUDUSD is still developing beneath the medium-term uptrend line and the 200-day simple moving average (SMA), suggesting more losses may come. BoC decision → USDCAD The Bank of Canada (BoC) interest rate decision will come [..]

RBA to hike rates again but future path uncertain after mixed data – Forex News Preview

Posted on March 3, 2023 at 12:06 pm GMT

The Reserve Bank of Australia is widely anticipated to raise the cash rate for the 10th consecutive meeting on Tuesday as it battles to get inflation down. Having flip-flopped between hawkish and dovish inclinations lately, the RBA may struggle again to get its communication right amid some confusing signals on inflation and the economy. This could make it difficult for the Australian dollar to find a floor under its recent slide. Danger of stagnation The Australian economy slowed towards the [..]

Week Ahead – Will the BoJ shock markets ahead of US payrolls?

Posted on March 3, 2023 at 11:21 am GMT

Market participants are in for a wild ride, as the coming week is loaded with promising events. The ball will get rolling with central bank meetings in Australia and Canada. Those will serve as appetizers for the Bank of Japan’s decision, which might be a close call, feeding volatility in the yen. In the US, the latest employment report and testimony by the Fed chief before Congress will decide whether the dollar’s recovery still has miles left in the tank. [..]

Daily Market Comment – Dollar slips from highs ahead of ISM services as stocks defy soaring yields

Posted on March 3, 2023 at 10:11 am GMT

Dollar eases from highs as yields rally pauses for breath ahead of ISM services PMI But Wall Street bounces back as Fed officials hint at ‘steady as she goes’ approach Euro fights back as ECB hawkish soundbites keep coming, yen mixed on BoJ doubts Supercharged bond yields take a breather Government bond yields in Europe and the United States scaled new heights this week as investors were once again caught off guard by fresh evidence of persisting inflationary pressures. Most [..]

Technical Analysis – AUDUSD shifts the medium-term outlook to bearish

Posted on March 2, 2023 at 8:43 am GMT

AUDUSD is still developing below the penetrated medium-term uptrend line with strong resistance being also the 200-day simple moving average (SMA) at 0.6790. In trend indicators, the 20- and the 50-day SMAs posted a bearish crossover, confirming the recent bearish move after the pullback off the eight-month high of 0.7160. The MACD oscillator is losing momentum beneath its trigger and zero lines, while the RSI is pointing down in the negative territory, both indicating more losses. Should the pair stretch south, the low [..]

Daily Market Comment – Sentiment improves on upbeat Chinese PMIs, dollar sags

Posted on March 1, 2023 at 10:11 am GMT

Strong China factory data boosts equities but rate hike fears limit gains Dollar pulls back, euro climbs as ECB starts QT Aussie and loonie up on China optimism but soft GDP numbers weigh Markets buoyed as China reopening boost starts to materialize After ending February on a sour note, equity markets started the new month in a cheerier mood with the help of some much-needed positive headlines from China. Manufacturing activity in the world’s second largest economy grew at the [..]

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