- AUD/USD consolidates awaiting the next catalysts.
- AUD/USD trading with a bearish bias.
AUD/USD has remained in a consolidated phase as we progress towards the Tokyo open. The Aussie met a four-month low at 0.7609 following a strong NAB August business conditions survey result. 0.7639 was scored ahead of the Chinese data dump that only proved to disappoint, sending the Aussie back to where it came from.
The European session bulls only managed a score of 0.7649 the high in late London before supply took the pair back to 0.7612 where bids were attracted for a drift towards the 21 hourly SMA at 0.7629. In NY, the pair consolidated and was supported, despite poor performances from the commodity sector, on a weak greenback. Next up, we have Aussie jobs as the domestic data after US retail sales / CPI.
US CPI / retail sales preview - Nomura
AUD/USD 1 day:
"Survived the first break below its two-week-old range of 0.7625-0.7730, but not out of the woods and remains vulnerable to a retest," explained analysts at Westpac.
AUD/USD 1-3 month:
"We look for AUD/USD to finish the year around 0.76, so long as markets maintain a very high probability of a Fed interest rate rise in December along with a neutral RBA outlook deep into 2018 and commodity prices remain around recent levels (14 Nov)," the analysts explained on their wider outlook.
AUD/USD levels
Analysts at Commerzbank explained that AUD/USD has started to erode Fibo support and the recent low at 0.7633/25, it is under pressure. "Failure here targets the 2016-2017 uptrend line at .7479. Key near-term resistance remains mid-October high at .7896 – its stays immediately negative below here. Initial resistance is the near term downtrend at .7728. Where are we wrong? Above the .8162 May 2015 peak lies the .8295 January 2015 high," the analysts added.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.