Steve Miley, MSTA
MarketChartist
AUDUSD tops for bear bias
We stated in our last report that “we see a defensive bias, with risk through midweek lower for .9360, .9330 and maybe through .9322”.
Having setback from the range resistance area at .9420/25 as we had flagged, the plunge through .9322 completes a strong topping structure and favours further bearish pressures into early August.
We now see a downside bias to target .9258, .9230 and then the key .9208/00 area.
This area should hold a first approach, but surrender would signal an intermediate term top and bear tone.
WHAT CHANGES THIS?
Above .9355 eases bear risks; through .9420/25 signals a neutral tone, only shifting positive above .9470/72.
4 Hour AUDUSD Chart
Daily AUDUSD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.