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AUD/USD supply dominating ahead of Chinese trade balance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is facing headwinds at lofty levels as the bulls run out of momentum and the bears look to force some profit taking out of the pair.

    AUD/USD has dropped below the 50 SMA on the hourly chart and pivot setting up a near term bearish episode within the broader bullish trend having penetrated the 1 year down-trend's 55 DMA at 0.7181.

    However, it remains a minor correction only while still trading below the 200 DMA at 0.7598 and downside pressure prevail on a broader sense despite the Fed putting back timings of a rate hike and the RBA sticking to their guns while holding a positive outlook for the Australian economy, as voiced again by RBA's deputy, Lowe. The recent data came of the NAB's Business Conditions (9 vs 11) / Confidence (5 vs 1) reinforced a positive outlook with business conditions steady and confidence is making a slight comeback.

    On the hour we have the Chinese trade balance as next catalyst and preview and additional technicals for the Aussie can be read here.
    For more information, read our latest forex news.
     

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