Previous close | 0.716 |
Open | 0.716 |
Bid | 0.717 |
Day's range | 0.715 - 0.718 |
52-week range | 0.6919 - 0.7931 |
Ask | 0.717 |
The Australian dollar pulled back a bit during the trading session on Tuesday, as we continue to see a lot of noise in this pair. However, there is a lot of support underneath and that should continue to push this market to the upside. Overall, this is a market that seems to be in the middle of changing trend, which is a large and tall order to ask.
Based on the current price at .7120 and the intraday downside momentum, the AUD/USD appears to be headed towards a long-term uptrending Gann angle at .7092. We could see a technical bounce on the first test of this angle. If it fails then look for the selling to possibly extend into the major 50% level at .7079.
Negative sentiment towards the global economic outlook weighed on the commodity currencies, with economic data and Brexit putting the Pound in Focus.
According to the minutes, the Monetary Policy Board saw “significant uncertainties” on the economic outlook. It also said it saw scenarios where interest rates could eventually rise, or fall. Additionally, it said the probabilities around these scenarios were more evenly balanced than before.
Investing.com - The Australian dollar traded lower after the Reserve Bank of Australia (RBA) minutes showed “significant uncertainties” on the economic outlook.
The Australian dollar has rallied significantly during the trading session on Monday, showing signs of resiliency yet again. After breaking the top of the last couple of shooting stars, that’s a very bullish sign going forward, and I think we are going to make a move to the upside, perhaps the 200 day EMA.
The pair is getting hammered due to ECB’s dovish attitude and weak economic numbers from the European Union. The pair is likely to continue consolidating between the 1.12 and 1.15 level and will also remain volatile.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at .7153.
This week, the economic news shifts back to the Australian Dollar. The week will start with the Aussie supported by the resumption of trade talks between the United States and China, but this time in Washington. Both parties cited progress in last week’s trade talks which took place in Beijing.
Investing.com – The Chinese yuan gained against the U.S. dollar while the greenback traded slightly lower on Monday in Asia, as the prospects of a Sino-U.S. trade deal improved investors’ appetite for riskier assets.
The Australian dollar went back and forth during the week but continues to find support at the same level that we have been paying attention to for some time. Because of this, I think that we do have more of an upside risk than anything else.
The Australian dollar initially fell during the trading session on Friday but turned around to show signs of life again. Quite frankly, I think that the Aussie has found its bottom for the most part and that the market will eventually go higher.
With the poor economic numbers from the US, the market is likely to favour a move to the upside and try moving towards the top of the consolidation phase to the 1.15 handle. The pair is now testing support at the 50% Fibonacci scale, and next major support is at the 1.27 level, which is the 61.8% Fibonacci retracement level. The market is likely to remain choppy and with poor economic numbers from the US, AUD is likely to gain a bit of momentum.
Theresa May’s troubles continue to pin back the Pound and the stats have provided little help. More swings on the cards later today.
Based on the early price action, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the 50% level at .7079 and the uptrending Gann angle at .7074.
Investing.com -- The dollar was edging higher against major European currencies early Friday in Europe after weak Chinese inflation data overnight reinforced concerns about global growth.
Investing.com - The yuan fell against the U.S. dollar on Friday in Asia after data showed China’s January Consumer Price Index and Producer Price Index both missed expectations.
The pair pulled back significantly during the Wednesday’s session, breaching the 1.13 level again to reach down towards the 1.1280 level. The pair is witnessing a lot of issues above the 1.13 level and until unless it breaks above 1.1350 level, the market will continue to struggle rallying higher. Going ahead, the pair will continue to consolidate, trading between 1.12 and 1.15 level. …Read MoreGBP/USD
Brexit and Trade talks are on the political agenda, while Germany’s GDP numbers and retail sales figures out of the U.S will be in focus on the data front.
Early in the trading session, China released January trade balance data that beat consensus expectations in both the Chinese Yuan (CNY) and U.S. Dollar (USD) terms. Looking at the CNY side, the trade balance figures came in at 271.42 billion compared to 395 billion CNY reported in December. As far as the USD side is concerned, the trade balance beat expectations of $33.50 billion surplus by coming in at $39.16 billion.
With the start of high-level trade talks between the United States and China, Asian market traders are taking a cautious approach to the stock market on Thursday. However, under the cautiousness, there is some optimism. China released better-than-expected January trade balance data early Thursday. The news seemed to have a positive effect on the Australian and New Zealand Dollars, but failed to add to this week’s strength in the major Asian stock markets.
Investing.com - The euro and the British pound fell to multi-week lows against the firmer U.S. dollar on Thursday as weak economic data out of the euro zone and concerns over Brexit weighed.
Investing.com - The Chinese yuan was little changed on Thursday in Asia after better-than-expected trade numbers for January, as analysts warned of the presence of business distortions due to national holidays and cyclical trends.