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U.S. Dollar / Australian Dollar

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USDAUD trade ideas

AUDUSD has a long way to go before convincing bullsAUDUSD fades bounce off a three-week low while poking a two-month-old rising support line, now immediate resistance around 0.6730, on the Reserve Bank of Australia (RBA) Interest Rate Decision Day. Adding strength to the upside barrier is the 200-DMA hurdle surrounding the said 0.6730 level. Following that, a run-up towards the 50% Fibonacci retracement of February-May downside, near 0.6810, will be quick. However, the double tops around the 0.6900 round figure, close to the 61.8% Fibonacci retracement of 0.6890, can challenge the buyers before giving them control. On the contrary, the AUDUSD pullback appears elusive beyond the latest swing low surrounding 0.6620. Even if the Aussie pair drops below 0.6620, a horizontal support zone comprising levels marked since early March, near 0.6560-55, will act as the last defense of the bulls ahead of challenging the yearly bottom of 0.6458. It should be noted that the Aussie pair’s weakness past 0.6458 won’t hesitate to challenge November 2022 trough and the previous yearly low, respectively near 0.6270 and 0.6170. Overall, AUDUSD remains on the bear’s radar despite the week-start rebound and remains a good candidate for “sell the bounce”.
by MTradingGlobal
AUDUSD portrays bearish triangle on Australia inflation, Fed decAUDUSD fades bounce off 200-EMA, reversing from a one-week-old falling resistance line, as Australian inflation and the Federal Reserve (Fed) Interest Rate Decision decorate the calendar. Given the downbeat oscillators, as well as the Aussie pair’s placement within a two-month-old bearish triangle, the quote stays on the seller’s radar. However, a clear downside break of the stated triangle’s bottom line, close to 0.6690, becomes necessary to convince bears, not to forget the need for a sustained close beneath the 200-EMA level of 0.6730. Following that, the late June low surrounding 0.6595 and the previous monthly bottom of near 0.6485 will gain the market’s attention. In a case where the Aussie pair remains bearish past 0.6485, the theoretical target of the bearish triangle confirmation, near 0.6240, should be logical to expect as the target for the short positions. On the contrary, an upside break of the seven-day-old resistance line, around 0.6790 at the latest, will precede the 0.6800 round figure and the last weekly high of near 0.6850 could test the AUDUSD buyers. However, major attention will be given to the triangle’s top surrounding 0.6900, a break of which won’t hesitate to propel the Aussie pair toward the 0.7000 psychological magnet. Should the quote stays firmer past 0.7000, the mid-February peak of around 0.7030 may check the upside momentum ahead of directing the bulls to the yearly top close to 0.7160. Overall, AUDUSD appears slipping off the bull’s radar but the sellers need validation from the triangle breakdown and the fundamentals.
by MTradingGlobal
AUDUSD reverses before 0.6680 support on impressive Aussie dataAUDUSD remains on the front foot while printing the first daily gains in five after strong Australian employment data. The pair’s latest upside also justifies the upward-sloping RSI line, not oversold, as well as the bullish bias of the MACD signals. With this, the quote is likely to extend the north run toward May’s peak of around 0.6820 ahead of targeting the 0.6895-6900 resistance area comprising the tops marked in July and June, as well as the 61.8% Fibonacci retracement of February-May downside. In a case where the Aussie pair remains firmer past 0.6900, the odds of witnessing a rally past the 0.7000 psychological magnet can’t be ruled out. In that scenario, the 78.6% Fibonacci retracement level and the yearly peak, respectively near 0.7010 and 0.7160 can’t be ruled out. Alternatively, the 0.6685-80 support confluence comprising the 50-DMA, 100-DMA and an upward-sloping trend line from late May appears the key challenge for the bears to conquer before retaking control. That said, the 38.2% Fibonacci retracement of around 0.6730 and the 0.6700 round figure is likely immediate supports to watch during the pair’s further fall. It’s worth noting that the bear’s dominance past 0.6680 won’t hesitate to challenge the monthly low of around 0.6590, a break of which will direct the sellers toward the year 2023 bottom, so far, marked around 0.6460 in May. Overall, AUDUSD bears are in the driver’s seat but the trip towards the south needs an entry-pass from 0.6680.
by MTradingGlobal
32,600 Jobs Added! Aussie Dollar Skyrockets!32,600 Jobs Added! Aussie Dollar Skyrockets! The Australian dollar has surged, driven by an impressive employment report that far exceeded expectations. In the month of June, Australia's net employment rose by a staggering 32,600 compared to the previous month, surpassing estimates by more than double. This development propelled the Aussie currency up by over 0.9%, reaching an intra-day high of $0.6834. The New Zealand dollar also rode the wave, gaining 0.57% to reach $0.6299. Both Antipodean currencies are now poised to reverse the losses incurred over four consecutive trading sessions. The current market sentiment favors the bulls, with both short and long-term momentum in their favor. Price action is trading above the 50 and 200-day moving averages, reinforcing the positive outlook for the Australian dollar. Elsewhere in the currency market, the sterling is doing its best to counter deep losses following a sharp fall in the previous session. The decline was prompted by Britain's inflation data, which fell short of market expectations. The British pound managed a modest recovery, trading 0.15% higher at $1.2958 in the latest session.
by BlackBull_Markets
AUDUSD MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Long
by okako_trading
2
AUDUSD retreats from 0.6700 as China inflation easesAUDUSD consolidates the first weekly gain in three as softer inflation numbers from the biggest customers, namely China, drag the quote from a fortnight-old falling resistance line, around the 0.6700 round figure. The pullback move also retreats as the RSI eases from the overbought territory, which in turn suggests the Aussie pair’s further weakness towards the 61.8% Fibonacci retracement of May-Jun upside, near 0.6630. However, a horizontal area comprising multiple levels marked since June 01, close to 0.6585-95, appears a tough nut to crack for the bears. In a case where the sellers dominate past 0.6585, the odds of witnessing a slump toward the late May swing low of around 0.6458 can’t be ruled out. Meanwhile, the aforementioned two-week-long descending resistance line around 0.6700 guards the immediate upside of the AUDUSD pair ahead of the 100-SMA hurdle surrounding 0.6715. Following that, the late June high of near 0.6720 and 23.6% Fibonacci retracement level of near 0.6800 can challenge the risk-barometer pair’s upside before directing the bulls toward the previous monthly high of around 0.6900. Overall, AUDUSD’s previous weekly gain appears a one-off affair unless the US inflation signals keep softening.
by MTradingGlobal