|Day's Range||0.716 - 0.721|
|52 Week Range||0.6919 - 0.8136|
The Australian dollar went back and forth during the week, testing the area just below the 0.7250 level. This is an area that of course is important as we have seen more than once, and with all of the headlines out there it’s not surprising that we continue to see a bit of hesitation.
The Australian dollar went sideways during the day on Friday, as we were very quiet yet again. The market is pressing significant resistance, and at this point I think we have some decisions to be made.
The Euro continued with its back and forth momentum in the Thursday’s session as the 1.14 level has been important in the short term charts and also attracting a lot of interest. Going forward, the market will continue to grind higher, as it is trying to form a bit of rounded-bottom pattern but the 1.15 level above is likely to offer significant resistance and of course the 200 Day EMA level above. …Read MoreGBP/USD
Geo-political risk will remain the key driver ahead of the weekend, with Brexit and the possibility of a reduction in tariffs on Chinese goods on the table.
Based on the early price action, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the steep uptrending Gann angle at .7204.
Investing.com - The U.S. dollar was little changed on Friday in Asia after trading slightly higher earlier in the day amid optimism of progress in Sino-U.S. trade talks.
The Aussie dollar pulled back slightly during early trading on Thursday but continues to find a bit of support at the 50 day EMA. However, I think that longer-term forces are going to come into play and could affect where we go next.
The Euro continues to drift lower in the Wednesday’s session, breaking below the 1.14 level, as the pair is trying to form some type of bottom around. If the market breaks down below the 108 level, then it will be extremely negative and could reach down to the 105 level.
With Theresa May and the Tories surviving the day, focus will shift to the EU and whether the British PM can find better terms.
Investing.com - The British pound was little changed on Thursday in Asia after U.K. Prime Minister Theresa May's government survived a vote of no-confidence.
The British pound is trading in a tight range on Wednesday after U.K. Prime Minister Theresa May’s Brexit deal was defeated in Parliament Tuesday and as lawmakers are debating a no-confidence motion against the government.
The Aussie dollar pulled back a bit during the trading session on Wednesday, as the resistance barrier has held again. Now that we have rolled over a bit, we are testing a major EMA, but I think ultimately we had just gotten a bit ahead of ourselves.
The pound steadied on Wednesday after having fallen late Tuesday when the U.K. parliament overwhelmingly voted down Prime Minister Theresa May's Brexit deal. The House of Commons voted 432-202 against May's deal, leaving uncertainty over the future of the country's plans to leave the EU on March 29. Bank of England Governor Mark Carney said the rebound suggested markets now see a "diminished" risk of a disorderly Brexit with no transitional arrangements.
The AUD/USD and NZD/USD could remain in a range on Wednesday, underpinned by the hopes that China will soon announce a stimulus package. As noted on Tuesday, traders will be particularly sensitive to any positive or negative comments about a potential trade deal between the U.S. and China.
The Euro was a bit negative during the Tuesday’s session, breaking below the 1.1450 level to reach the supportive 1.14 level. The 200 Day EMA is offering a significant resistance and until it breaks above that, the pair will continue to witness selling pressure on each and every rally. There are a lot of developments going around especially with the Fed on future rate hikes, ECB’s decision to step away from asset purchase and Brexit which will keep the market extremely noisy. …Read MoreGBP/USD
With the Brexit deal sunk and Theresa May needing to head back to Brussels, there’s just a vote of no confidence to survive later today…
Investing.com - The British pound traded flat on Wednesday in Asia after U.K. Prime Minister Theresa May’s Brexit plan was voted down by a hefty margin.
The Australian dollar has been rather noisy as of late, but the one thing that I can glean from this chart is that there is a specific level of resistance just above that is going to be difficult to overcome.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the minor top at .7236 and the downtrending Gann angle at .7239.
Appetite for risk should continue to generate the Aussie and Kiwi’s upside momentum today on the back of positive comments from China.
The Euro continued to trade sideways in the Monday’s session, hovering around the 1.1450 level as the 1.15 level above has turned massively resistive. Also, the 200 Day EMA is sliding downwards, which is putting further pressure on the market. The market will continue to remain choppy as the market seems to have lost direction. The 1.14 level underneath should offer support and it extends down to the 1.13 level. …Read MoreGBP/USD
Investing.com - The U.S. dollar dipped against a currency basket on Tuesday amid expectations the Federal Reserve will hold off on raising rates this year due to weakness in global growth, while the pound crept higher before Britain's parliamentary vote on its Brexit deal.
It’s “risk on” in the early hours, with the main event of the day being Brexit. Has Theresa May done enough and will it sink the Pound?