|Day's Range||0.743 - 0.744|
|52 Week Range||0.7346 - 0.8136|
Based on last week’s close at .7440, the direction of the AUD/USD this week is likely to be determined by trader reaction to the downtrending Weekly Gann angle at .7412. Traders should treat the Gann angle at .7412 like a pivot all week.
The Aussie dollar initially pulled back during the week but found enough support to turn around of form a nice-looking hammer. We are currently below the 0.75 level, an area that could cause a bit of resistance, so it’s not quite ready to fire off a bullish signal yet.
The Australian dollar has rallied rather significantly against the US dollar during trading on Friday, slicing above the 0.74 level. Because of this, I think that we are going to continue to see some upward pressure in this market, as we have formed a “W pattern” on the hourly chart, which of course is very bullish. However, the market seems to have a bit of a ceiling above, so although I see a buying opportunity, it is probably short term.
The euro remained higher on Friday, as the U.S. dollar fell and trade concerns lingered. EUR/USD rose 0.26% to 1.1633 as of 11:24 AM ET (15:24 GMT) after French and German business activity in June came in higher than expected, easing concerns of a slowdown in the eurozone. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.19% to 94.36.
The pair shot higher during the yesterday’s session after reaching its major support level at 1.15 level. The British Pound shot higher during the yesterday’s session breaking above the 1.32 level and then continued towards the 1.3250 level. If it breaks above the 1.33 level, then it will be a very big development and could send the British Pound much higher.
Investing.com - The euro was steady on Friday, as the U.S. dollar fell amid trade war concerns.French and German business activity in June came in higher than expected, easing concerns of a slowdown in the eurozone.EUR/USD rose 0.57% to 1.1669 as of 5:18 AM ET (9:18 GMT) while the pound was higher, with GBP/USD rising 0.52% to 1.3308.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.42% to 94.14.Tensions between the U.S. ...
Investing.com- The dollar fell off a 11-month high in morning Asian trade on Friday, as analysts say the plunge of Philadelphia Federal Reserve’s manufacturing index prompted some traders to book profits on bullish dollar bets.
The biggest influences on the AUD/USD and NZD/USD today will be any fresh tariff threats from the U.S. or China, U.S. economic data and the outcome of the OPEC meeting in Vienna. Keep an eye on the Treasury yields. If they continue to fall then the Aussie and Kiwi will strengthen.
The Australian dollar has bounced from the vital 0.7350 level again, forming a bit of a “double bottom” on the hourly chart. The 0.7350 level is an area that is important on the longer-term charts, and at this point I think that if the market can break above the recent high at the 0.7415 level, the market could turn things around for the short term.
Investing.com - The dollar rose to near eleven month highs against a currency basket on Thursday, supported by expectations for a faster pace of rate hikes this year, while the pound was at the lows of the year ahead of the Bank of England meeting later in the day.
The pair traded on a choppy note during the Wednesday’s session initially tried to move higher but pulled back. The market seems to be trying to form a base around the 1.1550 level using the strong support level at 1.15 level.
According to the New Zealand government, economic growth in the first quarter eased slightly, with Gross Domestic Product (GDP) expanding 0.5% – in line with market expectations.
The Australian dollar has had a rough couple of sessions, as we have broken through the 0.75 level, an area of significant psychological importance, and broke down towards the 0.7350 handle after that. The 0.7350 level is important on longer-term charts, so the slight bounce that we have seen from there it’s not much of a surprise.
Based on Wednesday’s close at .7369, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the June 2, 2017 main bottom at .7372.
Investing.com - The dollar edged higher against a currency basket on Wednesday in subdued trade amid a lull in an escalating trade dispute between the U.S. and China.
The Australian dollar fell significantly during the trading session on Tuesday, as it was announced that the United States was slapping more tariffs on the Chinese. Obviously, Beijing will retaliate, as we continue to see tit-for-tat trade tariffs become headlines.
The direction of the Australian and New Zealand Dollars will be largely influenced by demand for risk. Look for a short-covering rally if it’s a risk-on day. Watch for further selling pressure and an extension of this week’s losses if it’s a risk-off session.
Based on the early price action, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the long-term uptrending Gann angle at .7398. The AUD/USD is down 10 session from its last main top so it may be ripe for a short-covering rally.
Japan’s yen and the U.S. dollar strengthened against their major rivals on Tuesday, as the escalating trade conflict between the world’s two biggest economies sent investors scrambling for safer assets. Trade tensions between the U.S. and China were already heightened, when President Donald Trump threatened to slap new import levies on up to $400 billion of Chinese goods late Monday, on top of the $50 billion his administration has already detailed. China responded on Tuesday, saying Beijing will have no choice but to take comprehensive measures in response to the U.S.’s trade moves.
Investing.com - The dollar rose to the day’s highs against a currency basket on Tuesday and pared back some losses against the safe haven yen as heightened trade tensions between the U.S. and China soured risk appetite.
Investing.com - The dollar fell to one-week lows against the safe haven yen on Tuesday as escalating trade tensions between the U.S. and China weighed on market sentiment.
The pair staged lower at the open in the Monday’s session due to some political concerns emerging out of Europe with news about Angela Markel being ousted. The 1.17 level above is massively resistive and as well as 1.18 level which the market needs to clear above in order to reverse the bearish sentiment. The 1.30 level underneath is going to be a massive support level.
EURUSD continues falling and updating its short-term lows. The point is that investors are once again in search of “safe haven” assets because global “trade wars” are reviving.
The Australian dollar has been somewhat sideways to open the week on Monday, as we continue to hug just below the 0.75 level. That of course is a large come around, psychologically significant figure, and of course an area that the market would have been paying attention to.
Now that the AUD/USD has already made a lower-low to extend the downtrend, the direction of the Forex pair the rest of the session will be determined by trader reaction to Monday’s close at .7422. Assume the downtrend will continue, given the bearish fundamentals, but be prepared for a closing price reversal bottom especially if the U.S. and China reach a trade agreement.