In the worst week for the Australian dollar over the previous two months, the AUD down between 1.50%-2.50% across the board after Last Monday’s gap up opening. Intensified trade-war risk, weak local macroeconomic data and soft Chinese data keeping lid on the AUD.
The combination of risk factors trade war, soft Chinese data and weak local economic data and concerns over global growth which dampens the commodities likely to pressure the AUD into the year-end.
EURAUD favors bullish, intraday resistance seems between 1.5890-1.5910 above this, 1.5940 and 1.5980 exists.
AUDUSD support finds at 1.7160 and 0.7130 below here psychological support 0.71 handle exists. This morning the price lost 50MA aswell. Weekly resistance seems to be at 0.7240. Weakness persists until capped at 0.7240. Intraday pivotal finds between 0.7160-0.7130. Besides the dollar index (KTM symbol: USDX) is currently trading on the verge of a symmetrical triangle breakdown. We keep an eye between 96.00-95.50 below here deep cut could be expected. In this case, AUDUSD could rally back to 0.7300, 0.7400 and even 0.7500 possible.
Read AUD/XXX on our blog http://www.keytomarkets.com/blog/blog/ktm-fx-daily-aud-insights/
The combination of risk factors trade war, soft Chinese data and weak local economic data and concerns over global growth which dampens the commodities likely to pressure the AUD into the year-end.
EURAUD favors bullish, intraday resistance seems between 1.5890-1.5910 above this, 1.5940 and 1.5980 exists.
AUDUSD support finds at 1.7160 and 0.7130 below here psychological support 0.71 handle exists. This morning the price lost 50MA aswell. Weekly resistance seems to be at 0.7240. Weakness persists until capped at 0.7240. Intraday pivotal finds between 0.7160-0.7130. Besides the dollar index (KTM symbol: USDX) is currently trading on the verge of a symmetrical triangle breakdown. We keep an eye between 96.00-95.50 below here deep cut could be expected. In this case, AUDUSD could rally back to 0.7300, 0.7400 and even 0.7500 possible.
Read AUD/XXX on our blog http://www.keytomarkets.com/blog/blog/ktm-fx-daily-aud-insights/