AUDUSD tops for bear bias
We stated in our last report that “we see a defensive bias, with risk through midweek lower for .9360, .9330 and maybe through .9322”.
Having setback from the range resistance area at .9420/25 as we had flagged, the plunge through .9322 completes a strong topping structure and favours further bearish pressures into early August.
We now see a downside bias to target .9258, .9230 and then the key .9208/00 area.
This area should hold a first approach, but surrender would signal an intermediate term top and bear tone.
WHAT CHANGES THIS?
Above .9355 eases bear risks; through .9420/25 signals a neutral tone, only shifting positive above .9470/72.
4 Hour AUDUSD Chart
Daily AUDUSD Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of US jobs report
EUR/USD stays in a consolidation phase above 1.0700 after closing the previous two days in positive territory. Investors eagerly await April jobs report from the US, which will include Nonfarm Payrolls and Unemployment Rate readings.
GBP/USD advances to 1.2550, all eyes on US NFP data
The GBP/USD pair trades on a stronger note around 1.2550 amid the softer US Dollar on Friday. Market participants refrain from taking large positions as focus shifts to April Nonfarm Payrolls and ISM Services PMI data from the US.
Gold remains stuck near $2,300 ahead of US NFP
Gold price struggles to gain any meaningful traction and trades in a tight channel near $2,300. The Fed’s less hawkish outlook drags the USD to a multi-week low and lends support to XAU/USD ahead of the key US NFP data.
Solana price pumps 7% as SOL-based POPCAT hits new ATH
Solana price is the biggest gainer among the crypto top 10, with nearly 10% in gains. The surge is ascribed to the growing popularity of projects launched atop the SOL blockchain, which have overtime posted remarkable success.
US NFP Forecast: Nonfarm Payrolls gains expected to cool in April
The NFP report is expected to show that the US economy added 243,000 jobs last month, sharply lower than the 303,000 job creation seen in March. The Unemployment Rate is set to stay unchanged at 3.8% in the same period.