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Market Analysis: AUDUSD: Business : Nigerialog.com - Nigeria's Premier Online Forum (146 views)

Market Analysis: AUDUSD

By alagbe003 (M)April 30, 2018, 09:51:52 AM
AUDUSD

The Aussie surged higher against the Greenback in the closing session of last week as positive data from Australia boosted the currency. Australian Bureau of Statistics revealed a positive change in the price of finished goods and services sold by producers. The Greenback surrendered some of the gains accrued over the week on Friday as sentiment hovering around the release of unimpressive Advance GDP Price Index data from the US weighed heavily on the dollar despite a series of other positive economic data. Hence the pair closed bullish as a sharp retracement off the support level at 0.75345 aided the pair.

AUDUSD.JPG

The instrument opened below the pivot today and is currently trading below both the 33 and 13 Moving Average on the hourly chart. The Reserve Bank of Australia will be meeting tomorrow to release Interest Rate Statement but the Governor of the Bank, Lowe has made it clear that the Bank is not considering increasing cash rate from the current level of 1.5% as the Bank is also expected to cut down her 2018 GDP forecast. The rising Treasury yield, as well as expectations of a hawkish statement from the FOMC on Wednesday, is expected to lend some strength to the Greenback hence the continuation of the current bearish trend (sell) is envisaged.


Re: Market Analysis: AUDUSD

By princepointApril 30, 2018, 09:05:07 PM
downward trend put sell option Aud/usd


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