Slobodan Drvenica
Windsor Brokers
AUD/USD
The Australian dollar fell on Tuesday after RBA minutes of the first policy meeting in 2020 showed that RBA reviewed the case of rate cut in February after stayed on hold in January. Fresh risk aversion amid fall in global stocks also pressured the currency. The pair fell nearly 0.5% in Asia/early Europe and fresh bearish acceleration signaled and end of corrective phase 76.4% of 0.6662/0.6749 corrective upleg has been retraced so far. Eventual return below 10DMA which held the action in past four days, brought daily MA's into full bearish setup, with rising negative momentum and south-heading stochastic/RSI indicators, adding to bearish outlook. Key support at 0.6662 (7 Feb) the lowest since March 2009 is in focus, with break here to open way towards 0.63 zone (0.6339 (Sep 2003 low/0.6261 Fibo 76.4% of 0.4773/1.1079, 2001/2011 ascend). Asian hourly lower platform at 0.6694 offers initial resistance, followed by falling 10DMA (0.6710) which is expected to cap and maintain bearish bias.
Res: 0.6697; 0.6710; 0.6716; 0.6729
Sup: 0.6662; 0.6628; 0.6608; 0.6574
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 holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.