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    AUD/USD: awaiting key catalysts on busy schedule for week ahead

    AUD/USD is a slow start in Asia today, with the overnight recovery stalling on the 0.74 handle.AUD/USD drifted higher overnight in an extension from the 0.7359 lows and recovery in yesterday's trade, propped up by gold's headway, despite the risk-off tone and volatility elsewhere that is being mostly blamed on the Brexit polls and sentiment around the Federal Reserve of whom will be meeting later this week.While the Fed are not expected to act at this meeting, markets will be keeping a very close eye on where the Fed's position is on interest rates and whether they are maintaining a bullish outlook for the US economy. A hawkish tone could support the greenback again and underpin the bearish correction that is taking place in AUD/USD. We will also be looking to the jobs market in Australia this week as a further potential catalyst. For today, we await inflation expectations and NAB business confidenece and conditions as potential drivers.AUD/USD levelsAUD/USD remain in a bearish correction below the 0.7477/91 zone where the rally from 0.7157  made a 50% retracement and the 55 day ma, as noted by analysts at Commerzbank who added, "A move back below the 0.7381 October 2015 high should cast attention back to the 200 day ma at 0.7265. Above 0.7505 will see a deeper retracement to 0.7572 and potentially 0.7688, the 78.6% retracement of the sell-off from April. Beyond a corrective rebound, we favour losses to the 78.6% retracement at 0.7044. This remains the last defense for the 0.6828 January low."

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