Overview:
Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete Top Down Analysis of the AUDUSD.
AUDUSD Monthly:
Monthly support at 0.6991, resistance at 0.7414.
Monthly chart is in a downtrend. Price is currently rallying within the range of last month’s candle.
AUDUSD Weekly:
Weekly support at 0.7170, resistance at 0.7426 and 0.7478.
Weekly chart is in an uptrend showing a higher top and higher bottom. Price will need to take out the 0.7426 and 0.7478 weekly resistance levels to continue the uptrend.
AUDUSD Daily:
Daily support at 0.7316 and 0.7304, resistance at 0.7444.
Price has rallied back up to the 0.7426 weekly resistance level. Price failing at the 0.7426 weekly resistance level could be the signal that the daily chart uptrend has finished.
Price failing at the 0.7400 level would present an ideal opportunity to sell for the next decline in line with the higher time frame monthly downtrend.
Short term target 0.7170 weekly support, and long term target 0.6991 monthly support.
RISK WARNING: Foreign exchange and derivatives trading carry a high level of risk. Before you decide to trade foreign exchange, we encourage you to consider your investment objectives, your risk tolerance and trading experience. It is possible to lose more than your initial investment, so do not invest money you cannot afford to lose。 ACY Securities Pty Ltd (ABN: 80 150 565 781 AFSL: 403863) provides general advice that does not consider your objectives, financial situation or needs. The content of this website must not be construed as personal advice; please seek advice from an independent financial or tax advisor if you have any questions. The FSG and PDS are available upon request or registration. If there is any advice on this site, it is general advice only. ACY Securities Pty Ltd (“ACY AU”) is authorised and regulated by the Australian Securities and Investments Commission (ASIC AFSL:403863). Registered address: Level 18, 799 Pacific Hwy, Chatswood NSW 2067. AFSL is authorised us to provide our services to Australian Residents or Businesses.
Recommended Content
Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.