Aussie
pinned a new fresh three weeks high at 0.7653 in the early Asian session. Fantastic
macro data came from Australia, having retail sales up with 0.5% from previous
upwardly revised 0.1%, the Q3 current account balance posted a deficit of 9.1B,
improved from previous -9.7B and alongside backed up by Caixin Services PMI
printing better than expected figures.Meanwhile RBA decided to keep rates
unchanged on its monthly monetary policy meeting.
But the bulls enthusiasm was short-lived as gold plummeted to two months low
and added pressure on the Aussie. The AUD/USD pair dropped to 0.76 area and
currently is trading at 0.7604.
On the four hour time frame th 20-day SMA eased and from bullish has turned
flat, while the 100-day and 200-da SMAs are keeping bearish slopes. Stochastic
retreated from extreme oversold area and currently is showing strong bearish
momentum, crossing its mid-line. RSI is located around mids and has lost
directional strength.
As seen on the same chart, the price is caught between its bearish SMAs and there
is a risk to the downside. If crossing to below 0.7575 (last week’s low), the
pair will be poised to extend its decline towards next support at 0.7530
(November’s low).
Tomorrow are due numbers on Q3 GDP in Australia, with growth seen at 0.7% from
previous 0.8% and this makes the pair vulnerable and gives another hesitation
for Australian bulls.
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