AUDUSD
The Aussie dollar ran out of steam again at 0.7130 zone in late Asian trading on Thursday, following strong upside rejection on Wednesday and dipped back to 0.7100 zone.
Support from better than expected China's data and positive rhetoric about US/China trade talks, was so far short-lived, keeping recovery from 0.7054 base limited. Negative momentum and MA's in bearish setup on daily chart weigh, with north-heading stochastic partially offsetting negative signals.
The pair struggles on approach to pivotal Fibo barrier at 0.7146 (38.2% of 0.7295/0.7054), with the downside expected to remain vulnerable while recovery is limited.
Daily cloud's twist next week would also attract bears for retest of 0.7054 base and extension of pullback from 0.7295 on break.
Initial bullish signal could be expected on sustained break above 0.7146 pivot, but fresh bulls would face another strong barriers, provided by a cluster of daily MA's at 0.7151/64 zone and only firm break higher would confirm reversal.
Res: 0.7146; 0.7151; 0.7164; 0.7203
Sup: 0.7084; 0.7054; 0.7000; 0.6931
Interested in AUDUSD 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 risks a deeper drop in the short term
AUD/USD rapidly left behind Wednesday’s decent advance and resumed its downward trend on the back of the intense buying pressure in the greenback, while mixed results from the domestic labour market report failed to lend support to AUD.
EUR/USD leaves the door open to a decline to 1.0600
A decent comeback in the Greenback lured sellers back into the market, motivating EUR/USD to give away the earlier advance to weekly tops around 1.0690 and shift its attention to a potential revisit of the 1.0600 neighbourhood instead.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.