|Day's Range||0.693 - 0.694|
|52 Week Range||0.6862 - 0.7678|
Traders should note that the reversals to the upside are being fueled by position-squaring and short-covering, and not a change in policy by the RBA and RBNZ. Therefore, the rally is likely to be short-lived and likely to last until investors make the necessary adjustments to the possibility of a Fed rate hike.
The Australian dollar has stabilized a bit during the week, essentially printing a neutral candle stick. While this isn’t necessarily a sign that you should be buying, it is rather interesting because it forms a bullish harami. This is a candlestick pattern that is relatively rare.
The Australian dollar went back and forth during the trading session on Friday, as we continue to see a lot of back-and-forth banter between the Aussie in the US dollar. Remember that this pair is highly sensitive to the US/China trade relations, and therefore it’s difficult to imagine that we are going to see a complete change in projector anytime soon.
Based on the early price action, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the pivot at .6900.
Brexit and EU Elections along with UK retail sales figures to influence the GBP, with durable goods orders out of the U.S also in focus.
The Australian dollar fell a bit during the trading session on Thursday, as we continue to see a lot of noise. Keep in mind that the Australian dollar is highly levered to the US/China trade situation, which isn’t going very well.
The Australian dollar can’t find a way out of the darkness. The AUD has been falling since January 2019 and it seems that the situation only worsens
Based on the early price action, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the minor bottom at .6864.
Investing.com -- The dollar was higher across the board in early trade in Europe Wednesday, as the reportedly imminent exit of British Prime Minister Theresa May over the Brexit shambles depressed the pound and made for an awkward backdrop to European parliament elections that start today.
MPs might reject May’s new improvised deal for the fourth consecutive time. Oil prices dropped over huge crude stockpiles as per EIA report. Trump eye on more Chinese Survellience firms.
UK Inflation and European politics to whipsaw the Pound ahead of the FED monetary policy meeting minutes later today.
Crude Oil WTI Futures continued to climb the ladder amid OPEC-led supply cut fears. PM May stated that she will give MPs last chance to back her “new improvised deal”. EUR/USD pair uplifted on USD plunge.
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 long-term uptrending Gann angle at .6886.
Investing.com -- The dollar hit a fresh three-week high against its developed-market peers in early trading in Europe Tuesday, after Federal Reserve Chairman Jerome Powell indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt.
Investing.com - The Australian dollar slipped against its U.S. counterpart on Tuesday in Asia after the Reserve Bank of Australia hinted that it would consider a case for a rate cut in June.
Short-covering and aggressive speculative buying is driving the price action today. If the change in sentiment continues over the near-term then look for the rally to possibly extend into the Fibonacci level at .6967, followed closely by the downtrending Gann angle at .6976.
Investing.com -- The dollar is pushing toward the two-year high it hit in April in early trading in Europe on Monday, after election victories for business-friendly incumbents in Australia and India offset ongoing worries over trade relations between the U.S. and China.
Investing.com - The Chinese yuan rose against the U.S. dollar on Monday in Asia. In a report published late Friday, the People’s Bank of China (PBOC) said they would continue with stimulus while keeping the currency steady.
Professional currency money managers just like most hedge fund managers, follow “The Herd Theory”. So when one starts to exit shorts aggressively, others tend to follow first then ask questions later. Therefore, we expect to see a solid short-covering rally over the near-term.
Over the short-run, the AUD/USD could get a boost from the election results, but gains are likely to be limited and prices could fall further because of the weakening economy and the expected rate cut.
The Australian Dollar now has the dubious honour of being the worst-performing G10 currency so far this month, in the leadup to its federal elections on May 18.
The Australian dollar has had a very rough week, as we are looking very likely to test the lows of the range of support that I have been talking about for some time. In fact, we are closing towards the bottom of the candle stick which is a very bad look to say the least.
The Australian dollar fell slightly during the trading session on Friday as we continue to see the Aussie slide overall. At this point, it looks as if we are probably heading towards the bottom of the major support level, but this is a pair that is moving in slow motion.
Traders are taking advantage of a lull in news flow stemming from US-China trade tensions to send Asian stocks higher.