Daily Technical Strategist On AUDUSD
Good analysis, I have long on this pair.
I won't go long on this pair and as the price is sideways since last weeks I would look for bullish breakout to fade out and will short the pair.
regards
I won't go long on this pair and as the price is sideways since last weeks I would look for bullish breakout to fade out and will short the pair. regards
You are right, I closed my position this morning, made 32 pips.
After a record 12 weeks of growth, U.S. dollar is trying to consolidate the gains. Volatility in the foreign exchange market gradually subsides. Labor market report published last week was better than expected and had to support and reinforce optimism about the American economy and the dollar.
Reduction of production by 4% in Germany in August, cannot go unnoticed for the single European currency – this is the most significant drop since January 2009, when the global economy influenced after the collapse of Lehman Brothers. In addition, production sector in Hungary and Czech Republic fell by 5.7% and 5.2% respectively.
Volume of industrial production in the UK has grown, despite the decline in external demand due to the deteriorating economic conditions in Eurozone. Given the steady growth of business activity in the services sector, we can assume that the labor market will continue to recover, which will help stabilize the price dynamics.
Yen will decrease amid implemented program of qualitative and quantitative monetary easing in Japan, trade deficit continues to grow also. Unprecedented scale incentives of BoJ create additional liquidity of $60-70 trillion yen per year, increasing the monetary base of the country.
Despite the drop, Australian dollar is able to resume an upward correction. Pair has tried to overcome resistance at the level of 0.8830. At this stage, we do not exclude the possibility of a deeper upward movement to the level of 0.8935, the pair should not be able to move above this price level.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
AUDUSD: Bullish, Targets The 0.9460 Level.
AUDUSD: The pair has resumed its short term uptrend breaking the 0.9393 level and paving the way for more upside. Resistance resides at the 0.9460 level. Further out, resistance is located at the 0.9500 level with a cut through here resuming its broader uptrend towards the 0.9550 level. Conversely, support comes in at the 0.9350 level where a violation will set the stage for retarget of the 0.9300 level. Further down, support comes in at the 0.9200 level, its psycho level where a halt may occur but if violated expect further weakness towards the 0.9150 level. All in all, the pair remains biased to the upside but faces bear threats