Fundamental Analysis of AUD/USD for May 18, 2017
May 18, 2017 9:47 amVideo
Latest News
- Forecast for EUR/USD on May 24, 2024 May 24, 2024
- Forecast for GBP/USD on May 24, 2024 May 24, 2024
- Forecast for AUD/USD on May 24, 2024 May 24, 2024
- The yen may have already executed a long-term reversal. Overview of USD/JPY May 24, 2024
- Analysis of EUR/USD pair on May 23rd. Buyers make a second attempt to test the 1.0880 level May 23, 2024
- Analysis of GBP/USD pair on May 23rd. American reports saved the dollar May 23, 2024
- Forecast of EUR/USD pair on May 23, 2024 May 23, 2024
- Forecast of GBP/USD pair on May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: trading plan for the US session on May 23rd (analysis of morning deals). Buyers hit resistance at 1.2760 May 23, 2024
- EUR/USD: trading plan for the US session on May 23rd (analysis of morning deals). The euro rebounded from the 1.0819 level May 23, 2024
- Technical analysis – US 500 index slips after all-time high but holds within bullish area May 23, 2024
- Nvidia set to propel Wall Street to new highs but Fed uncertainty weighs – Stock Markets May 23, 2024
- Trading Signals for EUR/USD for May 23-25, 2024: buy above 1.0834 (200 EMA – rebound) May 23, 2024
- Trading Signals for SILVER (XAG/USD) for May 23-25, 2024: buy above 30.00 (200 EMA – rebound) May 23, 2024
- Forex forecast 05/23/2024: EUR/USD, GBP/USD, USDX, Oil and Bitcoin from Sebastian Seliga May 23, 2024
- Video market update for May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
Recently, AUD/USD has shown a good amount of bullish pressure after a bounce of 0.7330 support area. Today, AUD also had a good amount of bullish pressure after positive economic reports on Australia’s Employment Change which were better than expected. The Employment Change report showed an increase of 37.4k which was expected to be at 4.5k. Besides, Unemployment Rate in Australia declined to 5.7% from 5.9% earlier, the forecast was made with a flat reading. The positive economic reports from Australia gave some boost to AUD. Nevertheless, it failed to keep it up, giving in to the USD pressure. On the USD side, today we have Unemployment Claims report which is expected to increase to 240k which previously was at 236k. Philly Fed Manufacturing Index is also expected to decrease to 19.9 which previously was at 22.0. Australia has already presented strong data. On the other hand if US reports reveal negative figures, then we might see AUD gaining more against USD in the coming days.
Now let us look at the technical chart. The price is currently showing indecision due to equal pressure from AUD and USD. Recently, AUD/USD has formed a Double Top Pattern where it is currently going to retest the Neckline of the pattern at 0.7500 level. The price is currently being hold by 20 EMA dynamic resistance. If that could not hold, the price is likely to reach 0.7500 horizontal resistance before the price continues its bearish trend again towards 0.7160 support level. As the price remains below 0.7500, the pair is set to follow the bearish bias.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: