Upside risks dominated the Australian Dollar against the US Dollar. As a result, the currency pair breached the 55-, 100-, and 200-hour SMAs. Friday’s session saw the pair gained 118 pips or 1.61%.
After hitting the upper boundary of a downtrend line during the early hours of Monday’s trading session, the exchange rate pullback for a potential test of a support level formed by the 200-hour simple moving average.
If the aforementioned support level holds, bulls could gather enough momentum to break out through the upper boundary of the descending trendline during the following trading session.
After hitting the upper boundary of a downtrend line during the early hours of Monday’s trading session, the exchange rate pullback for a potential test of a support level formed by the 200-hour simple moving average.
If the aforementioned support level holds, bulls could gather enough momentum to break out through the upper boundary of the descending trendline during the following trading session.
Comment:
Bullish sentiment dominated the AUD/USD exchange rate during Tuesday's trading session. The upside momentum was stopped after the pair pierced the upper boundary of a descending channel.
Bulls failed to surpassed that barrier on Wednesday as the currency pair made a U-turn south. However, this decline was stopped by a support cluster formed by the 55-, 100-, and 200-hour SMAs and the weekly pivot point near the 0.7393 mark.
By and large, it is expected that the currency exchange rate maintains the junior ascending channel during the following trading session.
Bulls failed to surpassed that barrier on Wednesday as the currency pair made a U-turn south. However, this decline was stopped by a support cluster formed by the 55-, 100-, and 200-hour SMAs and the weekly pivot point near the 0.7393 mark.
By and large, it is expected that the currency exchange rate maintains the junior ascending channel during the following trading session.
Comment:
Upside risks dominated the Australian Dollar against the USD Dollar on Wednesday, as the currency pair ended the session with 68 base points profits. The pair also broke out through the upper boundary of a downtrend channel.
After reaching near a resistance cluster formed by the weekly and the monthly PPs at 0.7473, the exchange rate pullback and is gradually moving toward the 55-hour simple moving average or the 200-hour SMA.
Technical indicators on the 4H time-frame suggest that the bullish sentiment could continue within this session. Therefore, it is likely that one of those support level set by the SMAs could hold.
After reaching near a resistance cluster formed by the weekly and the monthly PPs at 0.7473, the exchange rate pullback and is gradually moving toward the 55-hour simple moving average or the 200-hour SMA.
Technical indicators on the 4H time-frame suggest that the bullish sentiment could continue within this session. Therefore, it is likely that one of those support level set by the SMAs could hold.
Comment:
The Australian Dollar remained stable against the US Dollar on Friday, as the currency pair was trading with low volatility. However, the pair ended the session breaching the three SMAs.
By the middle of Monday’s session, the AUD/USD exchange rate was stranded between SMAs and the upper boundary of a descending channel. Meanwhile, a new junior downtrend pattern has been spotted as can be seen on the one-hour time frame chart.
Given that a currency exchange rate has moved closer to the up border of both the junior and dominant descending channels, a breakout could be expected during the following trading session.
By the middle of Monday’s session, the AUD/USD exchange rate was stranded between SMAs and the upper boundary of a descending channel. Meanwhile, a new junior downtrend pattern has been spotted as can be seen on the one-hour time frame chart.
Given that a currency exchange rate has moved closer to the up border of both the junior and dominant descending channels, a breakout could be expected during the following trading session.
Comment:
The AUD/USD currency pair made no significant changes to its overall position during the last trading session, as any attempts made by bulls to move above 0.7409 was restricted by the weekly pivot point.
Bulls managed to take control of the market during the first half of Tuesday session. And by the middle of the day, the pair revealed a new junior ascending pattern which was mapped on the chart to trail the price movement.
Given that the currency exchange rate has breached all significant resistance level, the potential target for the par could be the upper boundary of the aforementioned junior pattern.
Bulls managed to take control of the market during the first half of Tuesday session. And by the middle of the day, the pair revealed a new junior ascending pattern which was mapped on the chart to trail the price movement.
Given that the currency exchange rate has breached all significant resistance level, the potential target for the par could be the upper boundary of the aforementioned junior pattern.
Comment:
The Australian Dollar was guided by the newly drawn ascending channel on Tuesday against the US Dollar. The currency pair traded above a support cluster formed by the combination of the weekly and the monthly pivot point near the 0.7409 mark.
By the middle of Wednesday’s session, the exchange has breached the aforementioned support level and was trading closer to the border of the newly formed junior ascending channel.
In case bears continue to prevail in the market, the AUD/USD currency exchange rate is likely to break out from the bottom boundary of the uptrend channel during the following trading session.
By the middle of Wednesday’s session, the exchange has breached the aforementioned support level and was trading closer to the border of the newly formed junior ascending channel.
In case bears continue to prevail in the market, the AUD/USD currency exchange rate is likely to break out from the bottom boundary of the uptrend channel during the following trading session.
Comment:
The Australian Dollar continued to weaken against the US Dollar on Wednesday after the currency pair breached a significant support cluster set by the combination of the weekly and the monthly pivot points near the 0.74 mark.
This bearish momentum continues on Thursday and by the middle of the trading session, the exchange rate has lost 56 base points or 0.76% of its value. Also, the 100– and 200-days SMAs pressurized the pair further south.
Everything being equal, it is likely that the AUD/USD currency exchange rate target the weekly support level at 0.7354 within this session. In addition, technical indicators suggest bears could increase its volatility today.
This bearish momentum continues on Thursday and by the middle of the trading session, the exchange rate has lost 56 base points or 0.76% of its value. Also, the 100– and 200-days SMAs pressurized the pair further south.
Everything being equal, it is likely that the AUD/USD currency exchange rate target the weekly support level at 0.7354 within this session. In addition, technical indicators suggest bears could increase its volatility today.
Comment:
AUD/USD lost 56 pips on Thursday after accelerating downward from a resistance level at 0.7409. By the middle of the day, the currency pair has reached the monthly support level at 0.7354.
Technical indicators flash mixed signals today. However, the exchange rate moving above the monthly pivot point does suggest that the rate might retrace up in this session. A possible upside target is the 55-hour or the 200-hour simple moving averages.
In terms of resistance, it is unlikely that the weekly and the monthly PPs near 0.74 are breached. The Non-Farm employment change might introduce high volatility later in the day.
Technical indicators flash mixed signals today. However, the exchange rate moving above the monthly pivot point does suggest that the rate might retrace up in this session. A possible upside target is the 55-hour or the 200-hour simple moving averages.
In terms of resistance, it is unlikely that the weekly and the monthly PPs near 0.74 are breached. The Non-Farm employment change might introduce high volatility later in the day.
Comment:
Upside risks prevailed in the market on Friday, thus allowing the Australian Dollar to gained 63 base points or 0.86% against the US Dollar. The surge, however, was due to the US macroeconomic data released on Friday.
Currently, the currency pair is stranded between SMAs. The 200-hour simple moving average was providing resistance, while the 55-hour SMA was providing support at the time of this analysis.
The AUD/USD currency exchange rate has revealed a new junior descending channel. This pattern could drive the pair lower toward the weekly S1 at 0.7350 during the following trading session.
Currently, the currency pair is stranded between SMAs. The 200-hour simple moving average was providing resistance, while the 55-hour SMA was providing support at the time of this analysis.
The AUD/USD currency exchange rate has revealed a new junior descending channel. This pattern could drive the pair lower toward the weekly S1 at 0.7350 during the following trading session.
By the middle of Tuesday’s session, the exchange rate bounced off the lower boundary of a newly formed junior ascending channel and breached the 100-hour simple moving average.
Everything being equal, it is likely that the AUD/USD currency rate dash through all three SMAs and potentially test the upper boundary of a downtrend channel during the following trading session.