Slobodan Drvenica
Windsor Brokers
AUDUSD
Two-day pullback from fresh high at 0.7678, found footstep at 0.7550, just above initial support of Fibo 23.6% of 0.7106/0.7678 / rising 10SMA and trading in near-term consolidation range.
Near-term studies remain bullishly aligned, however, risk of stronger correction remains in play, as Slow Stochastic of daily chart turned lower, after hitting overbought zone boundary.
Violation of 0.7550 could signal deeper pullback and open 0.7460 (Fibo 38.2% of 0.7165/0.7678 upleg, otherwise, expect prolonged consolidation while 0.7550 support holds, with near-term focus expected to shift higher on break above consolidation range top at 0.7625.
Res: 0.7625; 0.7648; 0.7678; 0.7711
Sup: 0.7580; 0.7550; 0.7515; 0.7460
Two-day pullback from fresh high at 0.7678, found footstep at 0.7550, just above initial support of Fibo 23.6% of 0.7106/0.7678 / rising 10SMA and trading in near-term consolidation range.
Near-term studies remain bullishly aligned, however, risk of stronger correction remains in play, as Slow Stochastic of daily chart turned lower, after hitting overbought zone boundary.
Violation of 0.7550 could signal deeper pullback and open 0.7460 (Fibo 38.2% of 0.7165/0.7678 upleg, otherwise, expect prolonged consolidation while 0.7550 support holds, with near-term focus expected to shift higher on break above consolidation range top at 0.7625.
Res: 0.7625; 0.7648; 0.7678; 0.7711
Sup: 0.7580; 0.7550; 0.7515; 0.7460
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD dips below 0.6600 following RBA’s decision
The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the RBA's monetary policy decision to keep rates unchanged. However, it was perceived as a dovish decision. As Wednesday's Asian session began, the AUD/USD trades near 0.6591.
EUR/USD lacks momentum, churns near 1.0750
EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction. Risk appetite was crimped on Tuesday after Fedspeak from key US Federal Reserve officials threw caution on hopes for approaching rate cuts from the Fed.
Gold wanes as US Dollar soars, unfazed by lower US yields
Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields. A scarce economic docket in the United States would keep investors focused on Federal Reserve officials during the week after last Friday’s US employment report.
Solana FireDancer validator launches documentation website, SOL price holds 23% weekly gains
Solana network has been sensational since the fourth quarter (Q4) of 2023, making headlines with a series of successful meme coin launches that outperformed their peers.
Living vicariously through rate cut expectations
U.S. stock indexes made gains on Tuesday as concerns about an overheating U.S. economy ease, particularly with incoming economic reports showing data surprises at their most negative levels since February of last year.