Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD rejected at session highs, Aussie struggles to maintain bullish momentum

  • AUD/USD rejected at session highs at 0.7771, slips lower to 0.7746, down 0.05% on the day.
     
  • Aussie is struggling to maintain bullish momentum amid waning risk appetite and as Aussie data falters.
     
  • Australia inflation expectations fell to 3.6 percent from the previous 3.7 percent.
     
  • Investment Lending for Homes only lifted by 0.5 percent, a decline from the previous 1.1 percent.
     
  • Further market risk appetite is evaporating as Middle East tensions over Syria escalate, weighing on the Antipodeans.
     
  • US Dollar gained momentum across the board after FOMC minutes showed a mild hawkish lean.
     
  • Technical studies are biased higher and bullish divergence on RSI and Stochs keeps scope for upside.
     
  • Fundamental factors are bearish and we see any further gains only on decisive break above 100-DMA at 0.7786.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-Trade-Idea-1244401) has almost hit TP2.

Recommendation: We recommend exiting at highs.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

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