Yesterday's bearish call was confirmed with a move to our first downside target. But this point, a 50% correction to this year’s rise, did attract profit taking with AUDUSDD at oversold extremes. That bounce was not an extensive one though and AUDUSD closed with minimal net movement. The indecisive Doji pattern suggests potential for a more significant rally and Asia has already seen buyers on another dip below .7000. This leaves intraday sentiment mildly positive so this morning’s call is Cautiously & Temporarily Bullish from the open but leaving room to also buy a .6996 dip, Asia’s low. The risk is .6972 with upside targets of .7042, a 25% correction of this month’s decline, .7069, an intraday Marabuzo line and .7097, a broader 50% correction.

Selling Stalled

AUDUSD - Selling Stalled

Any opinions, news, research, analysis, prices, trade recommendations or other information is provided as general market commentary and for educational purposes, and does not constitute investment advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profits or losses, and agree to hold 3CAnalysis.com and any authorized distributors of this information harmless in any and all ways. 3CAnalysis.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Forex, Futures, Stock, and/or Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex, Futures, Stock, and/or Options markets. The information contained in these pages is neither a solicitation nor an offer to Buy/Sell Currencies, Futures, Stock, or Options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed.

Please also note that 3cAnalysis does not perform any regulated activities and does not report to any regulator.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD holds its ground amid mixed EU election results

EUR/USD is stable around 1.1200 amid mixed EU elections in which main parties lost ground to both centrist and extreme ones.  Trump said he hopes for a deal with China. Liquidity is thin due to a UK holiday.

EUR/USD News

GBP/USD falls on Brexit concerns, USD strength

GBP/USD has fallen below 1.2700 as markets digest the EU elections and see a growing chance of a hard Brexit after Farage's victory. The USD is gaining strength amid trade concerns. 

GBP/USD News

USD/JPY: bearish case firm as long as below 109.65

Japan Leading Economic Index fell to its lowest in almost three years in March. US and UK holidays keeping action around the FX board limited.

USD/JPY News

The Evolution of Three Issues are Key in the Week Ahead

As May winds down, the light economic calendar will allow investors to take their cues from the evolution of three disruptive forces--trade, Brexit and the US economy.  With actions against Huawei and possibly a handful of Chinese surveillance equipment producers, the US raised the stakes.

Read more

Gold consolidates in a range, around $1285 level

The precious metal struggled to capitalize on last week's goodish recovery move from multi-week lows and remained capped below the $1287-88 supply zone. A combination of diverging forces failed to provide any meaningful impetus. 

Gold News

Majors

Cryptocurrencies

Signatures