|Day's Range||0.651 - 0.651|
|52 Week Range||0.6508 - 0.7206|
The Australian dollar initially gapped lower to kick off the week, turned around to fill the gap, and then shot straight towards the 0.65 level to round out the week as the global markets continue to melt down.
The Australian dollar has broken down significantly during the trading session on Friday, reaching down towards the 0.65 handle, a large, round, psychologically significant figure.
While economic data is on the heavier side today, a continued spread of the coronavirus widens the net on economies likely to be affected…
Upside momentum could increase over .6583, but sellers are likely to be waiting at a pair of downtrending Gann angles at .6614 and .6622. Since the main trend is down, sellers are likely to re-emerge on a test of this area.
In a speech to the Auckland Chamber of Commerce on Thursday, New Zealand Finance Minister Grant Robertson warned that New Zealand will experience a “short, sharp” economic hit.
It’s been a tough week for the bulls as the spread of the coronavirus continues to change the market dynamics. Even the U.S is likely to be impacted…
With economic data disappointing early in the day, the focus shifts to U.S stats, with GDP numbers and durable goods orders due out…
The Australian dollar has fallen again during the trading session as we continue to see a lot of US dollar strength around the world, and of course the Reserve Bank of Australia cutting rates in the near future probably doesn’t help the situation either.
Australian construction spending slid to its lowest in almost three years last quarter as a deepening downturn in home building spread to other sectors and posed a downside risk to growth across the economy.
The Australian dollar initially tried to rally during the trading session on Tuesday but continues to find plenty of sellers near the 0.66 handle. The coronavirus of course continues to be the main driver at this point.
The AUD/USD is in no position to change the main trend to up, but a trade through Friday’s high at .6639 could fuel further short-covering.
Riskier assets find early support on a relatively quiet day on the economic calendar. U.S consumer confidence numbers will garner plenty of attention.
The Australian dollar has gapped lower to kick off the week, as we continue to have a lot of coronavirus fears out there, only to see the market rally and fill that gap. The fact that we are broken down below the bottom of a hammer it does suggest further weakness.
New Zealand has extended for eight days a ban on arrivals from mainland China, Prime Minister Jacinda Ardern said on Monday, carrying into its fourth week an effort to block exposure to the coronavirus.
The Dollar finds early support and risk aversion hits the global financial markets. Coronavirus updates suggest more economic disruption…
Even if reports start to show the virus outbreak receding, global growth is still set to fall to zero in the first quarter. A near-term hit to the Australian and New Zealand economies looks unavoidable.
It’s another busy week ahead. The continued spread of the coronavirus and last week’s dire PMI numbers out of the U.S could get things off to a bad start…
The short-term direction of the AUD/USD is likely to be determined by trader reaction to Friday’s high at .6639.