|Day's Range||0.764 - 0.77|
|52 Week Range||0.7161 - 0.8124|
The Australian dollar has made a strong move during the week, bouncing from a particularly strong uptrend line from the longer term. I think given enough time, we should continue to go much higher.
The Australian dollar initially tried to rally during the trading session on Friday, but then turned around to break down below the 0.7650 level. I think ultimately, this market is going to go higher, especially based upon the weekly candle. However, the daily candle looks a bit suspicious, so I think a pullback is necessary.
Strong domestic economic news continued to support the Australian and New Zealand Dollars on Friday. The currencies are also being supported a widening of the interest rate differential which is being fueled by the Fed’s “dovish” outlook for interest rates in 2018 and 2019.
The Euro was quite volatile during the yesterday’s session as it was expecting a rate hike and future growth outlook announcement from the ECB. The Central Bank didn’t go ahead with the rate hike but raised the outlook for future growth. The pair initially went higher during the yesterday’s session but after the Bank of England announcement on monetary policy, the market went lower.
The Australian dollar continues to show signs of strength, as the market rallied significantly during the day, only to pull back and find buyers below, looking very likely to continue the upward momentum.
The Australian dollar surprisingly jumped after yesterday’s rate hike from the US Federal Reserve and even held steady against the following monetary statement which raises the question, is there still genuine interest in the Aussie battler.
Based on the current price at .7671 and the earlier price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at .7677.
The market yesterday was bit volatile as it tried to build some support area around the region ahead of the crucial Fed rate hike policy decision. Now, the Fed has hiked the interest rate by 25 basis points and is more hawkish on the future rate hike, the market is expected fall lower towards the 1.17 level. The market was very noisy ahead of the Fed rate hike policy decision in Wednesday’s session, as it rallied towards the 1.34 level with a support of 1.33 level.
The sudden shift in the fundamentals, highlighted by the “dovish” Fed caught many investors by surprise. This likely means the short-covering rallies in the Aussie and Kiwi will continue until the weakest shorts are taken out of the market.
The volatility in the counter is mainly due to the Federal Reserve releasing its interest rate hike announcement later in the day today. A hawkish outlook will make this market to fall lower. This is mainly due to the Federal Reserve coming out with rate hike policy decision.
In case if the quote fails to extend latest recovery above 1.1795 mark, the 1.1750, the 1.1730-20 and the descending TL support of 1.1700 might entertain sellers. As a result, the pair’s break of 113.70 can quickly trigger its rise to downward slanting TL figure of 114.00, which if broken could further escalate the advances to 114.40 and to the November high around 114.75. Assuming the pair’s capacity to conquer the 114.75 resistance, the 61.8% FE level of 115.40 could please the Buyers.
Effectively this market will continue to be volatile in today’s session as the outcome of FOMC meeting on rate hike will come on Wednesday. If the statement from FOMC comes little hawkish, then this market will rally further towards the 1.20 level, and then eventually at 1.21 level.
The AUD/USD is currently straddling a major Fibonacci level. Trader reaction to this level could determine the near-term direction of the Forex pair.
The New Zealand Dollar is surging against the U.S. Dollar Monday on the news that NZ Superannuation Fund chief Adrian Orr was named as next governor of the Reserve Bank.
The market was slightly negative during the Friday’s session as it reached the 1.733 level. The market is expected to bottom out near the 1.17 level as it has been the bottom of long-term consolidation. The buyers are likely to take the grip of this market as overall sentiments of the market is bullish. The break above 1.18 level will send this market much higher towards the 1.21 level. Any pullbacks in the market is an excellent buying opportunity in this market. …Read MoreGBP/USD
Investing.com - The dollar gained in Asia on Monday ass the market looked ahead to the Fed this week as it is widely expected to hike rates and the launch of bitcoin futures caught attention in the market with the initial trade heading higher
U.S. Consumer inflation is expected to show a monthly rise of 0.4%, up from 0.1%. This number won’t affect the Fed’s December interest rate decision, but it could have an influence on the number of rate hikes in 2018.
The Australian dollar is currently testing the 0.75 level underneath, a major support level. Gold markets need to help, but so far they are not.
Based on the current price at .7513, the AUD/USD should remain under pressure as long as it remains under the steep downtrending angle at .7533.
The market was choppy during the Thursday’s session as it tried to cross the important 1.18 level. The longer-term view of the market is positive with the target of 1.21 level and break above this level will be a buy and hold situation for the market. The pair initially went in a sideways direction on Thursday’s session but then bounced significantly to reach the 1.3333 level below and then reached higher towards the 1.35 level.
The Australian Dollar plunged to its lowest level since June after a big miss on the trade surplus. The news highlighted the economy’s vulnerability to lower iron ore prices.
As we indicated yesterday, sell signal on the Gold is on! Recent support was successfully tested as a new resistance, which helped to push the prices to the local mid-term lows. Sell signal on Gold is very strong and we should see a further decline in the price of this precious metal.
If this market breaks down below the 1.3333 level then this market will slip further. Going ahead, the market will remain volatile because of the negotiations related to Brexit gathered pace and more clarity emerges.
A sustained move under .7602 will indicate the presence of sellers. If this move generates enough downside momentum, we could see the selling extend into the last main bottom at .7551.
The AUD/USD pair ran in a falling price channel on the daily chart. Price just bounced off the top trend line of the channel, indicating that the pair remains in the downtrend from 0.8124.