View Single Post
Old 23-07-2018, 09:32
ObasiFXMart ObasiFXMart is offline
Level III Lasers Member
Join Date: Jul 2018
Posts: 98
Default Re: Daily Market Analysis by ForexMart

AUD/USD Technical Analysis: July 23, 2018

The Australian dollar against the U.S. dollar trades a bit higher during the Monday session. A bit of a reaction was observed as the dollar weakened due to the added pressure on the Trumpís remarks to the Fed policy and his struggle with the strengthening of the greenback.

Investors reaction to Trumpís rhetorics lead to the tight trading of the pair against the different monetary policy between the hawkish Fed and a dovish central bank of Australia that makes the dollar appealing for investment to traders alike.

Also, traders are hesitant about their positioning prior to the weekly quarterly consumer inflation data of Australian and increasing Treasury yields from the U.S.

The major trend has decline based on the daily swing chart. The trend will move up on trades towards .7443 and if it further reaches the level of .7318, the downtrend is likely to continue.

Short-term trading of the pair will be between .7310 and .7484 with 50% pivot level at .7397. It seems that pair is being traded strongly at this level that could assist an early uptrend tendency. Traders should act on it to counter the support level on the first test today. However, if it fails to hold this level, the price could weaken with the main range at .7677 to .7310. If the trend goes up, then we can expect the retracement zone to be at .7494 to .7537 which will become the primary target in the upside.

On a technical aspect, the AUD/USD pair will be based on the reaction of the pair for short-term trading at .7434.
Reply With Quote