Slobodan Drvenica
Windsor Brokers
AUD/USD
The Australian dollar dipped below 200DMA support (0.6890) on Wednesday, after details of US/China trade deal which is going to be signed later today were digested.
Concerns that the deal could hurt Australian economy, increased pressure on Aussie and generated initial signal of reversal after recovery was strongly rejected on Monday and Tuesday's action ended in Doji candle.
Rising bearish momentum and south-heading RSI on daily chart add to negative signals which need confirmation on close below 200DMA that would open way towards cracked key supports at 0.6860/50 (Fibo 61.8% of 0.6754/0.7032/8-10 Jan higher base).
Downside risk would ease if fresh bears fail to close below 200DMA, but near-term action would remain in extended sideways mode as long as pivotal barrier at 0.6919 (Fibo 38.2% of 0.7032/0.6849 fall).
Res: 0.6904; 0.6919; 0.6940; 0.6962
Sup: 0.6877; 0.6865; 0.6849; 0.6825
Interested in AUD/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.