- AUDCAD offers high volatility today
- AUDJPY sit above big levels
- EURAUD and GBPAUD facing resistance at recent highs
- AUDUSD sits above support levels
AUDUSD placed a meaning top after last week’s CPI and China Manufacturing PMI data. From Jan high the cross has retraced more than 4% having a Thursday’s low at 0.7775. Immediate supports finds at 0.7770 its 100MA and 0.7750 its 200MA. The 50weekly MA finds at 0.7720 and additional support 0.7700 mark. A move below 0.7700 could retrace further to 0.7650 earlier breakout level (Dec 05 high).
Resistance seems at 0.7800 above this targets at 0.7840.
AUDNZD: The cross currency AUDNZD breaks down the multi-support level 1.0825-1.0840 and retraced nearly 60.0% of the previous rally ( 1.0370-1.1290). It’s 61.85 fib reaction and 100MA (weekly) finds at 1.0720 below this 1.0700 exits its 20MA (monthly). Earlier bullish break through symmetrical triangle trendline finds at 1.0650.
In case of a rebound, 1.0825 and 1.0870 will be the immediate targets. We remain a buyer in a dip between 1.0750-1.0650.
EURAUD: The cross held the parallel support available at 1.5630 and changed the direction to last week’s high. Parallel resistance seems at 1.5770 above this 1.5830 (Jan 2014 high) exists. Recent five trading sessions price movement indicating a top-in progress. A daily close below 1.5630 could strengthen the bearish view, target 1.5500 initially. Alternatively, a daily close above 1.5830 could open to 1.6000 and 1.6200 in the coming weeks.
GBPAUD: The BoE’s hawkish tone pushed the cross to Dec 2017 high seems at 1.7996 but failed to breach. Today in early Asia trade the cross is trading at 1.7906. The 100MA (Monthly) seems at 1.8040. The daily RSI breach needed (below chart) to forecast further bullish views.
Support finds at 1.7800, 1.7700 and 1.7610.
In the bullish scenario, 1.8130, 1.8270 and 1.8400 possible in the coming weeks. Alternatively if fails at supply zone 1.8040-1.7990 near-term retracement could be expected.
AUDCAD: The cross has erased the ascending trendline and retraced 50.0% of the recent rally (0.9578-1.000). The daily RSI and oscillator remain bearish. On Thursday session the cross down 0.25% having a session low at 0.9800. Today in early Asia session the price action extends the overnight losses down 0.15% but manage to hold the parallel support finds at 0.9785 (Nov 30 high).
Intraday pivotal finds at 0.9780 below this the 1st support find at 0.9740 it’s 61.8 fib reaction/0.9730 a parallel support and 2nd support at 0.9700 previous swings low.
Additional support finds at 0.9670 it’s 80.0 fib reaction coincides with the Sep 06 low.
The cross offers two risk events today, in Asia RBA monetary policy due and Canada jobs data (8.30am Canada local time).
AUDJPY: The risk-on mood encourages trades to shift to JPY to the weekend. The cross down 0.10% on early Asia trade having a low at 84.45. It has a parallel support finds at 84.34 Nov 27 low and 20MA (weekly) at 84.30 below this 83.60 exists its 100MA (weekly). In case of a parallel support break down and close below 84.30 could retrace further to 83.60 and 83.15 in the coming days.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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