|Day's Range||0.79 - 0.799|
|52 Week Range||0.7330 - 0.8136|
The direction of the AUD/USD on Monday is likely to be determined by trader reaction to .7891.
The Australian dollar has been noisy during the week, but overall has been bullish. The 0.80 level obviously offered resistance, but that’s nothing new.
The pair has been bullish through the Thursday’s session as it reached the 1.25 level which is a psychologically important level. The British Pound rallied significantly during the Thursday’s session as it broke above the 1.40 level which was significantly resistive. Yesterday’s move in the market is a very positive development and should continue to rally for next few sessions reaching towards the 1.43 level.
Based on Thursday’s close at .7945, the direction of the market early Friday will be determined by trader reaction to the 50% level at .7947.
The market was very noisy during the trading session on Wednesday, as it was for all pairs involving US dollar. The pair initially went down to test the support at 1.23 level but then shot higher at once reaching towards the 1.24 level. The pair is now aiming to reach towards its next target of 1.25 level which is psychologically important level.
Based on the upside momentum into the close, the rally is likely to continue with .7947 the first upside target. We could see a technical bounce on the first test of this level due to profit-taking.
AUDUSD’s gradual recovery from 0.7758 recently reversed from 0.7890 horizontal-line, which in-turn signals the pair’s pullback to 0.7850 TL support. Should the pair break 0.7850, the 0.7830 and the 0.7790 are likely intermediate halts that it can avail before re-testing the 0.7760-55 support-zone. Moreover, pair’s declines below 0.7755 can make it vulnerable to rest on the 61.8% FE level of 0.7710. Meanwhile, break of 0.7890 could escalate the pair’s up-moves to 0.7910 and then to the 0.7955-60 horizontal-region. If at all Bulls conquer the 0.7960, the 0.8000 round-figure and 0. ...
The pair is now expected to go higher towards the 1.24 level and then towards 1.25 level eventually from here which is a large, round, psychologically significant level.The pair has massive support around the 1.21 level underneath which is unlikely to be broken. The British Pound initially rallied higher during the Tuesday’s session but got enough resistance higher and pulled back. The 1.40 level above is going to be important and also a resistance barrier.
The pair went sideways during the yesterday’s session as it is consolidating around the 1.2250 level for last few sessions. This week could be the turning point for overall currency market as it is expected that the US Dollar will resume its downtrend and value hunters will likely to get involved from here. The British Pound initially tried to rally during the yesterday’s session but struggled to get past the 1.38 level and pulled back.
The Australian dollar has been slightly positive during the trading session on Monday, as the markets continue to recover. When you look at the one hour chart, it looks as if we are trying to build a bit of a base, and I think that it is a good sign going forward.
Based on the price action on Monday, the direction of the AUD/USD the rest of the week is likely to be determined by trader reaction to the main 50% level at .7818.
The pair went back and forth during the Friday’s session as the market is still indecisive on the direction of the market. The long-term aspect of the market is still bullish and on the weekly chart, there is a nice uptrend in the market which is keeping this market positive and until it breaks below this uptrend the market will attract buyers. Underneath, the 1.22 level is going to be massively supportive extending up to 1.21 level where buyers are likely to get involved and if it breaks above the 1.23 level, the pair should probably go higher towards the 1.24 and 1.25 level. ...
Investing.com - Without any clear direction in morning trading in Asia, the dollar pared some of the gains it made last week against Asian currencies after a mild stock-market rebound in the US on Friday.
Stronger-than-expected U.S. consumer inflation data will likely be bearish for the AUD/USD and NZD/USD because it will signal that inflation is rising and that the Fed may have to raise interest rates more aggressively this year.
Based on last week’s close at .7809, the direction of the AUD/USD this week will be determined by trader reaction to the 50% level at .7818.
A slight downshift in U.S. Treasury yields combined with stabilizing equity prices could trigger a move over .7818. This could lead to a meaningful short-covering rally.
The Australian dollar struggle during most of the week, dipping below the 0.70 level. However, we have found the 61.8% Fibonacci retracement level to be supportive, and we are in an overall uptrend. Longer-term, this pair looks healthy.
The Australian dollar has rallied a bit during the trading session on Friday, as we have broken above the 0.78 level. Ultimately, this is a good sign, as we are trying to fight around the 50% Fibonacci retracement level. I think that it could be very noisy, but pay attention to gold, it could give us a bit of help.
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending February 6 on Friday.
The Australian dollar fell initially during trading on Thursday but has found a significant amount of support near the 0.78 level. What I find interesting about this is that it is not only a large, round, psychologically significant number, but it is also the scene of the 50% Fibonacci retracement level from the largest move as of late.
Investing.com - Gold prices rose in Asia on Friday with the Chinese New Year next week expected to stoke some physical demand as the People's Bank of China released nearly CNY 2 trillion in extra liquidity on a day when prices data came in stable and other key gold buyer India witnessing a pickup on a lower tax rate for the yellow metal.
The key events on Friday will be the Reserve Bank of Australia’s statement of monetary policy and the Australian Bureau of Statistics’ housing finance lending data for December.
Based on the early price action, the direction of the AUD/USD the rest of the session will be determined by trader reaction to the 50% level at .7818.
Based on the early price action, if downside momentum continues then we could see the selling pressure take us to at least .7818.