Slobodan Drvenica
Windsor Brokers
AUDUSD
The Australian dollar regained traction on Tuesday and bounced from daily cloud which repeatedly contained attacks in past sessions. Fresh strengths emerges from concerns about dovish Fed on Wednesday, as well as minutes of RBA's last policy meeting. The minutes were generally unchanged but kept hints for potential near future action. Although reversal pattern is forming on daily chart, risk of fresh weakness remains high, with current upticks so far seen as positioning. Strong bearish momentum and negative setup of daily studies supports scenario. Recovery attempts face strong headwinds from falling 10SMA (0.7207) and while the latter caps, risk of retesting cracked pivot at 0.7163 (Fibo 61.8% of 0.7020/0.7393) and stronger bearish acceleration on break, is expected to remain in play. Break above 10 SMA and nearby 100SMA (0.7220) would provide relief, but stronger upside action and close above pivotal barrier at 0.7246 (converged 20/30SMA/13 Dec recovery high) is needed to neutralize bearish threats and signal stronger recovery.
Res: 0.7207; 0.7220; 0.7246; 0.7272
Sup: 0.7173; 0.7163; 0.7108; 0.7074
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.