AUDUSD - Analysis (QuestionTime)
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.
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.
