Intraday market analysis: AUD in correction territory


AUD/USD drops along moving average

The Australian dollar remains underwater as the RBA minutes say no to a rate hike before 2024.

The sell-off has accelerated after the Aussie fell through 0.7410, the last stronghold from a previous bounce. The pair is sliding along the 20-day moving average, and the downtrend is heading towards the next support at 0.7230 from the daily chart.

However, a repeatedly oversold RSI may prompt sellers to take some chips off the table, causing a temporary rebound. 0.7440 is likely to cap the buyers’ push.

AUDUSD

USD/CAD breaks above major resistance

The commodity-linked Canadian dollar took a hit after risk appetite receded. The pair saw strong momentum plays after it cleared 1.2650, a major resistance from last April.

Short-covering in a crowded bearish trend may have contributed to high volatility. This could be an inflection point for the greenback in the medium term.

In the meantime, February’s high at 1.2870 is the next target. Meanwhile, the RSI is back to the neutral area, and the direction is up as long as the price stays above 1.2600.

USDCAD

NAS 100 recovers from moving average

The Nasdaq index seeks support as investors grow wary of the Delta sell-off. The bearish breakout below the key short-term support at 14550 has put buyers under pressure.

Price action has so far bounced off the 30-day moving average but buyers will need more assurance to commit again. 14550 is the first support after a rebound above 14680.

A high RSI may slow down the pace of the rally. A recovery may only see the light of day if the bulls succeed in pushing above the major hurdle at 14880.

NASDAQ

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: Portrays bearish set-up on D1 below 1.1900

EUR/USD edges lower around 1.1870 amid a quiet start to the week’s Asian session trading on Monday. The major currency pair snapped a four-day uptrend on Friday, posting the bearish spinning top candlestick.

EUR/USD News

GBP/USD: Bears brace for 200-SMA retest

GBP/USD begins the trading week on lower ground near 1.3900. The cable pair broke a short-term rising channel during the late Friday and teased bears amid a downward sloping Momentum line. The selling currently aims to retest the 200-SMA support near 1.3835, a break of which could highlight the 1.3770 area comprising multiple levels marked last week.

GBP/USD News

Gold bulls hesitate as focus shift to NFP

After closing the previous week in the negative territory, gold stayed on the back foot on Monday and dropped below $1,800. However, the subdued market action ahead of key macroeconomic events allowed the precious metal to stay in a consolidation phase on Tuesday.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

Challenging week ahead

Three macro considerations are shaping the investment climate: the evolution of the virus and the response, the timeframe of the Fed's tapering, and China's broad regulatory crackdown. Beijing's new policy initiatives are broader and quicker than generally anticipated.

Read more

Majors

Cryptocurrencies

Signatures