AUD/USD rose over 120 pips on Tuesday and touched a 12-week high at 1.0963 before settling right below that level. The Aussie is trading at the 1.0950 area, on track to set the 6th consecutive daily gain.
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AUD/USD rose over 120 pips on Tuesday and touched a 12-week high at 1.0963 before settling right below that level. The Aussie is trading at the 1.0950 area, on track to set the 6th consecutive daily gain.
the pair as we can see on the chart has success in breaking the level of 1.0600 and reached the level of 1.0560 , that's mean the down trend is standing and the pair might head to 1.0530 then 1.0500
Risk aversion is the theme of the day on Thursday, with US stocks sliding over 3% amid renewed concerns over a slowing economy. Higher-yielding currencies like the Aussie is under strong selling pressure, having set a fresh 5-week low in recent trade.
i think current decline is temporary, they will bounce back tomorrow(or at worst next week, personally i think AUD still on the well bid against the green back, will put my buy button at 1.0500:)Quote:
Originally Posted by niteshforex
As we can see on H1 chart, the price is
moving inside the new major bearish channel
at the same time MACD aggressively crossing
over to the downside.
So far we are having rather muted moves in the Asian session, with investors trying to gauge what the next direction will be. A few hours ago, the Reserve Bank of Australia, on its monthly monetary policy statement cut its forecast for GDP this year and upgraded the outlook for inflation. Delays in coal production, a very fragile global economic recovery and low consumer spending pose extra challenges.
the pair is trading under the level of 1.0500 and we can see that the pair is heading to test it , any way if the pair succeeded in breaking 1.0500 , it will continue to 1.0530 and then 1.0560
After a short-lived recovery the Aussie resumed the decline against the US Dollar and reached the weakest level in four months. The AUD/USD rose to 1.0525 but reversed and fell sharply, losing daily gains in a few hours.
AUD/USD's fall from 1.1079 accelerated to as low as 1.0424 so far and at this point, intraday bias remains on the downside for 1.0390 key support level.
The main drivers of the Australian dollar were fresh quarterly inflation figures. Rising prices mean that rates hikes could come much sooner than expected. Will it be as early as now?