Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD hits new 2-week lows, focus on U.S. Q2 GDP for further impetus

AUD/USD chart - Trading View 

AUD/USD grinds lower for the 6th straight session, hits new 2-week lows at 0.6939.

Record lows in Australian government bond yields weighs on the antipodean.

Australia's 10-year government bond yield fell to a record low of 1.226% earlier today. The two-year yield, also at a lifetime low of 0.877%.

Focus now on US second-quarter GDP, due at 12:30 GMT. Upbeat data could ease odds of aggressive Fed easing, supporting the USD.

AUD/USD could see further downside as a result. Technical indicators are also bearish.

RSI has slipped below 50 and Stochs are sharply lower. MACD bearish crossover on signal line adds to the bearish bias.

Upside was capped short of 200-DMA and the pair has failed to hold break above 21W EMA.

Next major support lies at cloud base at 0.6923. break below cloud will see further drag.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-extends-weakness-below-21-EMA-Aussie-dented-on-RBA-Lowes-dovish-comments-1559228) is progressing well.

Recommendation: Hold for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.