The Aud is lower today after Donald Trump’s China announcement, having previously been weighed down by the disappointing domestic jobs data. Having seen an early high of 0.7785, the price action has been choppy but mostly heavy in reaching 0.7686 ahead of a minor bounce to finish at 0.7700.
1 hour/4 hour indicators: Turning higher.
Daily Indicators: Possible basing formation.
Weekly Indicators: Turning lower?
Preferred Strategy: While the momentum indicators are a little mixed, I still prefer the downside overall as I think the US/AU yield differential will eventually weigh on the Aud. China concerns will only add to the risk-off mood. If correct, support today will arrive at 0.7685 and then at 0.7670. Below that would allow a move towards 0.7645, below which would allow a move to the 100 WMA (0.7625) and to major rising trend support 0.7570, although that may take a while.
On the topside, resistance will be seen today at 0.7710 and at 0.7725. Above there could stretch back to 0.7750 and to 0.7785 although this seems doubtful. Selling rallies is preferred.
Sell AudUsd @ 0.7725. SL @ 0.7755, TP @ 0.7670
Economic data highlights will include:
Unemployment – Feb
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
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.
Israel vs. Iran: Fear of escalation grips risk markets
Recent reports of an Israeli aerial bombardment targeting a key nuclear facility in central Isfahan have sparked a significant shift out of risk assets and into safe-haven investments.