|Day's range||0.771 - 0.781|
|52-week range||0.7330 - 0.8136|
The Australian dollar initially rallied during the week, but as you can see on the chart the 0.79 level has caused a bit too much in the way of resistance to continue going higher. In fact, we rolled over very significantly and went careening into the 0.7750 level below.
The pair drifted a little lower during the Thursday’s session reaching the 1.23 level which is a strong support level. If the pair breaks below further from here, then it will reach further lower towards the 100 level.
Based on the current price at .7797, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at .7790.
The pair was bit choppy during the Wednesday’s session as the 1.24 level continues to be resistive. But in the longer term, the market is likely to rally higher once it breaks above its psychological level of 1.25 level and is also a structural standpoint. The market is very well supported at the 1.23 level and 1.21 level underneath on the short-term and because of that buyers will keep getting attracted towards this market. …Read MoreGBP/USD
Successful break of short-term descending trend-line and an ascending trend-channel favors the AUDUSD’s further upside with 0.7900 being nearby resistance to counter prior to meeting the channel’s upper-line of 0.7930. In case if the pair disobeys channel formation by surpassing 0.7930, the 0.7985-90 horizontal-line seems crucial for buyers to watch, breaking which chances of the quote’s rally to 0.8045-50 can’t be denied. If the pair declines below 1.7595, the 1.7525 and the 1.7495, comprising 100-day SMA, are likely intermediate halts that it can avail prior to reigniting the importance of an upward slanting trend-line, at 1.7385 now.
The pair exploded higher during the Tuesday’s session reaching towards the $1.2380 level, ultimately which will send this market towards the 1.24 and 1.25 level eventually. On the weekly chart, the pair has formed a bullish pattern and should continue to move higher towards the 1.32 level in long-term. Short-term pullback offers good buying opportunity to this market and going forward, this market will continue to see a lot of noise and volatility. …Read MoreGBP/USD
With major US economic data coming out in next couple of days the market should trade in a tight range around the 1.23 level. Now the market is expected to continue towards the 1.40 level which is massively resistive but given the major economic numbers coming out of US in next couple of days, the market will remain choppy. The key economic data from the US should be looked after as it will chart the next direction of the market.
The Australian Dollar continues to receive support in reaction to President Trump’s granting of an exemption to Australia from his new tariffs on steel and aluminum.
The Dollar/Yen posted a gain on Monday as investors kept an eye on a suspected cover-up of a cronyism scandal involving Japanese Prime Minister Shinzo Abe and his close ally, Finance Minister Taro Aso.
The pair initially went slightly higher during the Friday’s session but market collapsed as the US reported better than expected non-farm payroll data. The market looked bit shaky in the Friday’s session as the strong non-farm payroll data affected the dollar to gain some strength.
Based on Friday’s close at .7846, the direction of the AUD/USD this week is likely to be determined by trader reaction to the 50% level at .7818.
Late in the session on Friday, the AUD/USD spiked to the upside in reaction to the news that U.S. President Donald Trump will sign an executive order exempting Australia from new steel and aluminum tariffs.
The Australian dollar rallied a bit during the week, bouncing from the psychologically important 61.8% Fibonacci retracement level. This coincided nicely with the previous resistance, so I think the market may rally from here and continue to go much higher.
The pair experienced a lot of volatility in the Thursday’s session due to a press conference by ECB in which it suggested of stimulus easing was necessary to stoke inflation which led to a lot of noise in the market. In general, the market is still in the uptrend, but short-term pullback will offer value. The 1.23 level offers a strong support where buyers are likely to get involved in. …Read MoreGBP/USD
Based on Thursday’s close at .7786 and the price action the last three sessions, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the short-term pivot at .7777.
The pair experienced a significant noise above the 1.24 level on the Wednesday’s session and rolled over a bit reaching the 50 EMA on the hourly chart. The pair is successfully holding the region and has a major support at the 1.2350 level. Given enough time, the pair will break the 1.25 level which is massively resistive and will send the pair further higher. …Read MoreGBP/USD
The Aussie and the Kiwi are trading higher early Thursday in reaction to stronger-than-expected trade balance data from Australia and China.
The Australian dollar has gone back and forth during trading on Wednesday, as we continue to see volatility pick up. This of course is due to fears of the potential trade war coming out, and of course the volatility in the US dollar as a result.
Based on Wednesday’s close at .7824 and the earlier price action, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the major 50% level at .7818.
Trump’s request to China to cut the deficit with the U.S. by $1 billion dollar was an unusual request because the amount is so small. It actually looks like a rounding error.
The Australian dollar rolled over a bit during Monday trading, but is currently sitting just above a support level that I think could offer a bit of a bounce.
Capping the Australian Dollar’s early gains are weak economic reports which showed a drop in the Current Account and lower than expected Retail Sales.
Based on the current trade, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to .7743.
The pair rallied a bit higher during the Friday’s session reaching towards the 1.23 level which is an important psychological level and has been supportive in the past as well. If this pair can break above the 1.2350 level then the market should reach towards the 1.25 level. On the weekly chart, the pair has formed a hammer pattern which should attract a lot of buyers, in the long run, to break out upside. The 1.21 level underneath is massively supportive and the market should not breach this level in the short term. …Read MoreGBP/USD
Besides the uncertainty surrounding the tariff news, there is a slew of major economic data this week from Australia and the United States.