|Day's range||0.798 - 0.804|
|52-week range||0.7330 - 0.8124|
The Australian dollar has rallied a bit during the trading session on Thursday, reaching towards the 0.80 level. That area is starting to offer resistance again, and quite frankly that’s not a huge surprise as we have seen massive amounts of importance placed upon this market going back decades at this area.
Based on the early price action, the direction of the AUD/USD today is likely to be determined by trader reaction to an uptrending Gann angle at .8041. This angle provided support earlier in the session.
Investing.com - The Aussie held steady in Asia on Thursday after a surprise gain in jobs in December was offset by a higher particpation rate in the survey and with currency traders awaiting growth figures from Beijing expected to show continued robust gains for the economy.
The AUD/USD is currently trading inside an uptrending channel. The targets are an uptrending Gann angle at .8001 and a long-term downtrending Gann angle at .8012.
The daily chart indicates that the buying has to continue to drive the AUD/USD away from the Fibonacci level at .7886 to sustain the rally.
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending January 9 on Friday.
The Australian dollar had a very choppy week over the last several sessions, as we are starting to get a bit overextended. It’s cousin, the New Zealand dollar, is significantly overbought as well, so I think we are going to see a general move.
Based on the current price at .7868 and the early price action, the direction of the AUD/USD the rest of the session will be determined by trader reaction to the Fibonacci level at .7872.
Based on the current price at .7870 (0404 GMT), the direction of the AUD/USD the rest of the session will be determined by trader reaction to .7874.
The Australian dollar initially tried to rally during the trading session on Tuesday, but then rolled over to reach towards the 0.78 level.
Investing.com - The dollar edged up slightly in Asia on Wednesday with China prices data in focus as investors look ahead in 2018 to assess the chances of the People's Bank of China tightening monetary policy, while the Bank of Japan is also in focus.
Based on 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 long-term downtrending Gann angle at .7822.
In order to generate the upside momentum needed to continue the rally, a wave of buying volume has to come in to drive the AUD/USD through the wall of resistance at .7874, .7886 and .7897.
Based on last week’s close at .7862 and last week’s price action, the direction of the AUD/USD this week will be determined by trader reaction to the Fibonacci level at .7886.
The Australian dollar initially gapped higher on Tuesday, but then pulled back to fill that gap. By doing so, we found enough buying pressure to turn around and rally, bouncing towards the 0.79 level. The general attitude of this market is bullish, as we have formed a hammer.
The Australian dollar has been a bit choppy during the Friday trading session, but the uptrend line marked on the hourly chart shows that we still have plenty of upward pressure. Gold was very noisy, but at the end of the day, I think that the upward pressure on both the gold and the Australian dollar continue.
The AUD/USD is currently testing a major retracement area. Trader reaction to this zone will determine the next major move for the currency pair.
The Australian dollar initially fell during trading on Wednesday, but found enough support near the 0.78 level, the scene of a gap previously, to turn around and rally.
The Australian dollar rallied initially during the open on Tuesday, but then rolled over to show signs of exhaustion again. The 0.78 level underneath should be supportive though, and I think the given enough time we will bounce from here and continue to reach towards the 0.80 level.
Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending December 26 on Friday.
The Australian dollar had a very positive week, as the US dollar has been pummeled against most major currencies. Adding to the pressure is gold breaking out on Friday as well.
The pair broke down significantly during the Thursday’s session breaking below the 113 level which was an important support zone. The 112 level will be next support zone which is also it is the 38.2% Fibonacci retracement level and if it breaks below 112.6 level, then it will attract a lot of selling pressure.
The key issue at the start of the new year will be how long the Aussie and the Kiwi can sustain their current rallies given official U.S. interest rates are almost certain to move above Australia’s and New Zealand’s next year.
The Australian dollar rallied a bit during the trading session on Thursday, but then pulled back yet again. The market is trying to grind its way higher, but in thin holiday trading, we might struggle a bit.
For the year, the Greenback is down more than 9 percent against the major currencies. This is its worst performance since 2003.