|Day's range||0.784 - 0.785|
|52-week range||0.7330 - 0.8136|
Once again the direction of the U.S. Dollar should dictate the tone in the Forex markets this week. We’re expecting volatility due to the slew of U.S. economic data scheduled to be released.
Based on Friday’s close at .7836, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to .7859 and .7789.
The Australian dollar has fallen a bit during the week, reaching down towards the 50% Fibonacci retracement level of the recent move. Beyond that, the 0.78 level has offered a bit of support, as we have seen previously.
The Australian dollar has gone sideways during most of the trading session on Friday, as the Aussie continues to test a major amount of support underneath at the 0.78 level. I believe that there are plenty of buyers will eventually show up, as the market has been very supportive in the 0.78 region.
In the alternate scenario, if the market breaks below the 0.78 level then 0.7750 level will offer some amount of resistance. Alternatively, if this market breaks below the 106.50 level then the market could probably drop towards the 105.50 level which could wipe the entire move higher.
The pair traded with a negative tilt during the Wednesday’s session as it was hovering just around the 1.23 level. The pair initially rallied during the Wednesday’s session reaching towards the 1.40 level but due to significant resistance above, it rolled back. The AUD continued to fall during the Wednesday’s session reaching towards the 0.78 level but because of this, it may also get potential buying interest as it is the 50 percent in Fibonacci scale and also the 0.78 level is the massive support region.
Based on the early trade, the direction of the AUD/USD today is likely to be determined by trader reaction to the 50% level at .7818.
The British Pound was very noisy during the trading session on Tuesday as it reached as low as 1.3930 level but was able to bounce back. Right now both US dollar and the gold market is greatly influencing the market’s movement. The USD continued to move higher during the Tuesday’s session trying to reach towards the 107.50 level which was its previous major support level.
Based on the current price action, the direction of the AUD/USD the rest of the session will be determined by trader reaction to the uptrending Gann angle at .7898.
The markets will probably bounce from here as the 1.23 level is massively supportive which could attract a lot of buyers into this market. Going forward, the market is going to be noisy and volatile as there are lot concerns about the bond market and where it is heading. Given enough time, the market will find enough bullish pressure to reach towards the 1.25 level.
The pair pulled down significantly during the Friday’s session reaching towards the 1.24 level which offered a bit of support. Overall, the market is in general uptrend and pullback like this offers a good buying opportunity. If the market further breaks down, the 1.23 level and 1.21 level is going to offer maximum support. All the pullbacks are a technical move based on the recent highs and buyers will get attracted to take this market forward. …Read MoreGBP/USD
Based on last week’s price action and the close at .7907, the direction of the AUD/USD today is likely to be determined by trader reaction to the short-term 50% level at .7947.
Australian Dollar traders will get a chance to react to the latest Monetary Policy Meeting Minutes from the Reserve Bank of Australia. New Zealand will release its latest data on retail sales.
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.