AUD/USD (week of 31-04/06)

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Weekly Summary

Aussie/Dollar gains 98 pips to erase previous losses, trading higher at 0.774 after 6 weeks low .

A good end to the trading week, after starting the week at 0.7712, AUD/USD went up to 0.7773 only to drop back to mid point range and now trades at 0.774. (Start trading Australian dollar at FXTM today).

Australian dollar green move comes while some more encouraging signs are out as data for Australia GDP released Wednesday is better than expected with 1.8, but worse than previous figure of 3.2.

More data out yesterday as Australia Retail Sales matches projections with new data release of 1.1%. The indicator value is unchanged and is the same as previous data of 1.1%. Released today at 1:30 AM, Australia's Home Loans (MoM) showed an uptick coming in at 4.3, up from the previous number of 3.3.

A look at other markets also show green moves as new 4 months high for EUR/NZD at 1.701. After 4 months, EUR/AUD hits a fresh high at 1.5851. Dollar/Yen hits a new 2 months high at 110.33.

At the same time at 1.3185, USD/SGD is down to its lowest value in 3 months. Dollar/Swiss fell to 0.8947, hitting a 3 months low.

Jun. 4, 2021

Aussie/Dollar trades at 0.774 after jumping by 87 pips (1.14%) - its biggest single-day gain since Feb 19

(23:06) GMT

After starting the day at 0.7653, Australian dollar made its largest single-day jump of 87 pips (1.14%) since Feb 19, and now trading at 0.774.

Australian dollar green move comes while some more encouraging signs are out as United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure.

At the same time, Australia's Retail Sales published yesterday at 1:30 AM came out at 1.1%. The indicator value matched both the projected value and the previous data of 1.1%. Released today at 1:30 AM, Australia's Home Loans (MoM) showed an uptick coming in at 4.3, up from the previous number of 3.3.

As the day reaches an end a chart visual study suggests nearest resistance level is at 0.7856. In terms of trend indicators, we can see that at 0.7741, Aussie/Dollar made an initial breakout above 50 day Simple Moving Average, an indication of a positive trend. Australian dollar is alternating around the 0.7744 Fibonacci resistance level. Asset volatility analysis shows that the upper Bollinger band is at 0.7816, this is a slight indication of a slowdown.

Overall, the technical analysis picture suggests Australian dollar is neutral for the immediate future, with no clear-cut direction.

While Australian dollar is green so far today, these assets are not doing so well- Dollar/Yen drops by 69 pips (0.7%), making its largest single-day fall since November 2020. EUR/AUD drops by 125 pips (0.78%), making its largest single-day fall since Mar 1. At 7.7558, USD/HKD is down to its lowest value in 3 months.

Australian dollar has started this year by gaining 0.72%. Looking at Australian dollar's long term behavior shows it is currently on an up trend that started roughly 1 year, 2 months ago.

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