|Day's Range||0.709 - 0.712|
|52 Week Range||0.6919 - 0.7815|
Economic data comes back into focus today. The Eurozone’s private sector PMI numbers will indicate whether the slowdown was temporary or worsening…
Investing.com - The U.S. dollar fell on Friday in Asia as traders digested the latest news on Brexit and Sino-U.S. trade development.
The Australian dollar rallied a bit during the trading session on Wednesday, showing signs of weakness after initially reaching towards the downtrend line that I have marked on this chart.
We were not expecting much of the hawkishness from FOMC yesterday but the amount of the dovishness was really surprising for the market participants.
The AUD/USD is rallying because the drop in the jobless rate is lowering expectations the Reserve Bank of Australia (RBA) won’t cut interest rates any time soon. However, traders still believe the RBA will make its first rate cut in August. Although New Zealand’s economy grew less than the Reserve Bank of New Zealand (RBNZ) expected in the fourth quarter, the price action in the NZD/USD indicates the data is not likely to spur any change in the Reserve Bank’s message at next week’s policy review.
Based on the early price action and the current price at .7145, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the major Fibonacci level at .7153 and the downtrending Gann angle at .7157.
The Kiwi and Aussie Dollar find strong support in the wake of a more dovish than expected FED. Will be the BoE sink the Pound later today?
Investing.com - The dollar recovered on Thursday in Asia, after falling the previous day, as the U.S. Federal Reserve surprised markets by ruling out any interest rate hikes in 2019.
The Australian dollar pulled back a bit during the trading session on Wednesday but found support near the 0.7050 level. By doing so, we turned around of form a bit of a hammer going into the US trading session.
The Fed is widely expected to leave its benchmark interest rate unchanged, trim the number of rate hikes projected for the rest of the year, and release long-awaited details of a plan to end the monthly reduction of its massive balance sheet.
Trading on the market recently is pretty tough. The price is not moving in trends, often changes direction and creates many false breakouts.
The AUD went back and forth during yesterday’s trading session, hovering around the psychologically important 0.71 level. Its likely that the region above the 200 Day EMA will continue to attract buyers and trying breaking above the major resistance level which extends up to the 112 level.
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 uptrending Gann angle at .7083 and the 50% level at .7079.
Investing.com - The U.S. dollar edged up on Wednesday in Asia as Sino-U.S. trade optimism faded following reports that U.S. officials are concerned Beijing might refuse to accept U.S. demands in trade talks.
The U.S. dollar is under pressure in Tuesday trading, on pace for another down day to its recent run, ahead of the Federal Reserve’s monetary policy update on Wednesday.
Sterling recovers while Euro touches two-week high amidst uncertain Brexit. Major Currencies benefitted from the Greenback slump. Oil prices jump underpinned by latest OPEC news.
The Australian dollar continues to go sideways just below the 50 day EMA, and the psychologically important 0.71 handle. With this, it’s possible we may get a buying opportunity on a dip, but it certainly looks as if the Aussie dollar is resilient.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, lost 0.1% to 95.895 as of 10:38 AM ET (14:38 GMT). The Fed is expected to keep rates unchanged at its latest policy meeting announcement on Wednesday, but the main driver will be its updated economic growth forecasts, known as the dot-plot. The U.S. Census Bureau said factory orders increased by a seasonally adjusted 0.1% in January, as American manufacturing has expanded despite worries of a global economic slowdown.
The market turned bullish during Monday’s session, as it went past the highs of the previous session and has also broken above the 50 Day EMA slope. The British Pound fell a bit during yesterday’s session, reaching down towards the 1.32 level. The AUD turned around during yesterday’s session, as it wiped out all the gains it had on Friday’s session.
The RBA meeting minutes pinned back the Aussie Dollar early on, in spite of U.S Dollar weakness. Focus remains on Brexit and “the deal.”
Minutes of the RBA March policy meeting showed member spent considerable time trying to strike a balance between the damaging effects of crumbling home prices on consumer spending against a sturdy labor market when it left interest rates at a record low earlier this month.
Investing.com -- The British pound is opening Tuesday on a firmer footing after losing nearly 1% against the dollar and euro on the latest outbreak of Brexit-related volatility.