AUD/USD (week of 12-16/09)

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Weekly Summary

Aussie-Dollar is slightly up to 0.6721 (a 0% gain) after closing the previous session at zero .

A good end to the trading week, AUD/USD is up to 0.6721, after closing yesterday at zero. Overall, a 0% move or 6,721 pips this week. (Start trading the Australian dollar at FXTM today).

Uptick comes while some more positive signs for the Australian dollar are out as highly important Core Retail Sales data from United States beat analyst expectations of 0.1% with a reading of -0.3%.

Nevertheless, Australia Employment Change released earlier showed a marked improvement to 33,500 from the preceding data of -41,000, but fell short of the 35,000 figure forecast by a consensus of market analysts. Highly important Retail Sales data from United States beat analyst expectations of 0.2% with a reading of 0.3%.

Meanwhile, Australia CFTC AUD speculative net positions released today at 19:30 UTC with a figure of -57,900, while the previous figure was -56,500. United States Philadelphia Fed Manufacturing Index (Sep) came out at -9.9, while a consensus of analysts was expecting 2.8.

Furthermore, the market is looking at Australia RBA Meeting Minutes scheduled to come out Tuesday. Australia RBA Assist Gov Bullock speech set for Wednesday. Australia CFTC AUD speculative net positions will be released Friday.

Sep. 16, 2022

Bullish Aussie-Dollar currently 21 pips higher after trading as low as 0.667

(23:06) GMT

Aussie-Dollar posts light gains on a low-volatility day, ranging between 0.667 – 0.6724 and is now at 0.6721.

Aussie-Dollar upside coincides with further encouraging market factors as highly important Core Retail Sales data from United States beat analyst expectations of 0.1% with a reading of -0.3%.

On the flip side, highly important Employment Change data from Australia beat analyst expectations of 35,000 with a reading of 33,500.

Meanwhile, Australia CFTC AUD speculative net positions released today at 19:30 UTC with a figure of -57,900, while the previous figure was -56,500.

As the trading day comes to an end, chart analysis indicates AUD/USD could be slowing down soon as it approaches resistance at 0.6713. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, the Australian dollar's lower Bollinger band is at 0.6666, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests Aussie-Dollar has no clear-cut direction.

Other currencies are also rising as EUR/GBP is up 0.52%.

Meanwhile, GBP/NZD closed at 1.9058 (down 0.83%). After ending yesterday's session at 164.53, GBP/JPY lost 131 pips and is trading around 163.21.

Aussie-Dollar is now trading 0.1% away from its significant low of 0.6694 first tested a day ago.

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