Slobodan Drvenica
Windsor Brokers
AUDUSD
The Australian dollar holds in red in early European trading on Thursday, following strong fall in Asia that turned near-term bias to bearish mode.
Stronger Australian jobs data initially boosted the pair to new two-week high at 0.7207 but report that China banned Australian coal imports at port Dalian indefinitely smashed the Aussie dollar.
Quick bearish acceleration in reaction to the news broke below 10SMA (0.7112) and dipped below 0.71 handle, pressuring pivotal support at 0.7070 (Fibo 38.2% of 0.6706/0.7295) and threatening retest of 0.7054 base (11/12 Feb lows).
Fresh weakness returned daily MA's to bearish setup, with slow stochastic heading south and rising bearish momentum, adding to negative outlook. Close below 10SMA is needed to confirm scenario.
Res: 0.7112; 0.7146; 0.7160; 0.7207
Sup: 0.7070; 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
EUR/USD alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
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.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.