The Aud has fallen sharply in EU/US trade reaching 0.7795 and closing on its lows. A stronger US$ and with the risk mood seemingly souring somewhat, dragged commodities and the Aud lower. Note: RBA Assist Gov Debelle Speech today.
1 hour/4 hour indicators: Turning lower.
Daily Indicators: Turning Neutral
Weekly Indicators: Turning lower?
Preferred Strategy:
The short term momentum indicators look increasingly heavy today although the dailies are flat. I prefer the downside though and if correct, 0.7790 should take a while to break through but below which opens the way to 0.7770/60 which should also be strong. Under there allows a return to 0.7710/15 although possibly not today unless the US data is very strong and sees the US$ run higher on all fronts.
On the topside, resistance will be seen at 0.7825/30 and then at 0.7850 and 0.7865.
Prefer to sell rallies
Sell AudUsd @ 0.7825. SL @ 0.7865, TP @ 0.7725
Economic data highlights will include:
F: RBA Assist Gov Debelle Speech
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
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD extends gains toward 0.6550 after Australian PPI data
AUD/USD is extending gains toward 0.6550 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Bank of Japan expected to keep interest rates on hold after landmark hike
The Bank of Japan is set to leave its short-term rate target unchanged in the range between 0% and 0.1% on Friday, following the conclusion of its two-day monetary policy review meeting for April. The BoJ will announce its decision on Friday at around 3:00 GMT.