Slobodan Drvenica
Windsor Brokers
AUD/USD
AUDUSD is trading within a narrow range on Tuesday morning but keeps slight bullish bias following Monday’s 0.5% advance and a positive signal on daily close above 0.6597 (100DMA / Fibo 61.8% of 0.6675/0.6480 bear-leg).
Aussie dollar was boosted by rise in iron ore, but markets are likely to reduce the speed until release of US inflation data on Wednesday, which will provide more information for the US central bank about the timing of the first rate cut and impact the dollar.
Immediate support lays at 0.6597, ahead of daily Kijun-sen (0.6574), which should hold and keep near-term bias with bulls, guarding lower pivot at 0.6552 (daily Tenkan-sen / broken Fibo 38.2%).
Initial resistances at 0.6623/34 (Fibo 76.4% / Mar 23 spike high) mark upper pivots, violation of which to expose key barriers at 0.6656/67 (daily cloud top / Mar 8 high).
Res: 0.6623; 0.6634; 0.6656; 0.6667.
Sup: 0.6597; 0.6574; 0.6552; 0.6524.
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
EUR/USD flirts with daily tops near 1.0730
The continuation of the selling pressure in the Greenback now lends further oxygen to the risk complex, encouraging EUR/USD to revisit the area of daily highs near 1.0730.
USD/JPY looks stable around 156.50 as suspicious intervention lingers
USD/JPY remains well on the defensive in the mid-156.00s albeit off daily lows, as market participants continue to digest the still-unconfirmed FX intervention by the Japanese MoF earlier in the Asian session.
Gold holds steady above $2,330 to start the week
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.