Sharif_KM

AUDUSD - Analysis (QuestionTime)

FX:AUDUSD   Australian Dollar/U.S. Dollar
Hi Kingbasho,

In response to your comment, I thought it would be appropriate to do this for you.

Technical (Neutral): Currently, the bears are in control of this market. I am expecting price to test the 2 support zones highlighted. With regards to the first zone (0.7488 - 0.7505), we could see support here, but I expect price to reach the more significant second zone (0.7420 - 0.7450) and give a clear indication of its direction.

Fundamental ( Bearish ): With increasing speculation of a U.S. rate hike, USD is appreciating causing a decline in AUDUSD             . It does seem that this speculation will only grow over the time to come increasing bearish momentum . Secondly, with Reserve Bank of Australia already cutting rates twice this year demonstrating willingness to do so, we could expect another due to the low inflation levels.

I hope this helps.

Related Ideas

kingbasho
4 months ago
Thank you Sharif for your prompt reply. From your chart, you expect some correction from zone 2 (or maybe zone 1) to max. .7680 and then another bearish move from there I suppose
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Sharif_KM kingbasho
4 months ago
Yes, precisely. If price breaks through zone 2 then I would definitely be bearish (provided a trade opportunity arises).
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