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AUD/USD Forecast August 26-30
AUD/USD reversed direction last week , as the pair dropped about 150 points. AUD/USD ended the week slightly above the 0.90 line, at 0.9021. This week’s market-mover is Private Capital Expenditure. Here is an outlook of the events and an updated technical analysis for AUD/USD.
Australian New Motor Sales posted a sharp decline and the RBA minutes indicated that the Australian central bank wants to see a weak Australian dollar. The US dollar was broadly stronger as the FOMC minutes indicated that QE tapering is only a question of time.
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The RBA keeps rates unchanged at 2.50% but states that the value of the Aussie is still too high...Instead the market reacts in the opposite way by buying Aud. RBA Holds Key Rate at 2.5% Omitting Easing Scope - Bloomberg
The rebound of the Aussie is going on with a potential bullish head and shoulder that will find the neck line in area 0.918. Only above the level, acceleration up to 0.93.
The Aussie is attacking the neck line:
Still chances of a rise for AudJpy until area 92.50, then the top of wave 4 will block the way to bulls.
Is the race over for the Aussie?
Bad data from the Australian labor market with destruction of jobs in August. Aussie Declines on Unexpected Jobs Drop; Kiwi Gains on Rate Bets - Bloomberg
Shooting star on the Ausssie yesterday, reversal signs are coming…