AUD/USD (week of 07-11/11)

Advertiser Disclaimer
Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Weekly Summary

The Australian dollar is trading around 0.6705 after ending the previous session at zero (up 0%) .

A good end to the trading week, AUD/USD is up to 0.6705, after closing yesterday at zero. Overall, a 0% move or 6,704 pips this week. (Start trading the Australian dollar at FXTM today).

This move comes while some more positive signs for the Australian dollar are out as United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 225,000, falling short of the 220,000 projections and continuing its decline from the previous 218,000 figure.

Nevertheless, data for United States Crude Oil Inventories published Wednesday came out at 3.92 million, beating projections of 1.36 million and showing improvement over the preceding figure of -3.12 million.

At the same time, United States Core Consumer Prices came out at 0.3%, while a consensus of analysts was expecting 0.5%. United States Consumer Price Index released yesterday at 13:30 UTC with a figure of 0.4%, while the previous figure was 0.4%. United States Consumer Price Index came out at 7.7%.

Outlook for rest of the week: Positive indicators for the Australian dollar are expected going forward as Australia Employment Change is projected to outperform its last figure with 15,000, having previously been at 900. The figure will be published Thursday.

Also worthy of note, Australia RBA Meeting Minutes is scheduled for Tuesday. Australia Wage Price Index (QoQ) (Q3) is expected Wednesday.

Nov. 11, 2022

Bullish currency pair the Australian dollar runs out of steam at 0.6717; currently at 0.6705

(23:06) GMT

Tentatively higher from an earlier low of 0.6578, the Australian dollar is up to 0.6705 today, adding 85 pips, or 1.29%, to yesterday's closing price of 0.6619.

Meanwhile, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. Fresh Consumer Price Index data from United States came out at 7.7%.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Aussie-Dollar's upper Bollinger Band® is at 0.6674, this is a slight indication of a slowdown. Aussie-Dollar could be slowing down soon; it is getting close to the resistance line and is now at 0.6755, only 50 pips away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite this, price action remains constrained around the key Fibonacci level of 0.665 currently serving as resistance

Technical analysis of Aussie-Dollar price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

Elsewhere, other currency pairs are also gaining ground as having closed the previous session at 1.0206, EUR/USD is up 1.45% today to currently trade at around 1.0354.

While the Australian dollar is up today, these currencies are lagging behind: after ending yesterday's session at 0.964, USD/CHF lost 226 pips and is trading around 0.9413. USD/SGD crashes 0.75% to trade around 1.3721.

After setting a supportive marker at 0.6213 around 26 days ago, the Australian dollar is now trading 6.53% above this level.

follow us: