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AUD/USD Consolidates Around 0.6600 Ahead of US NFP DataAUD/USD is trading within a narrow range around the 0.6600 level in the Asian trading session on Friday. Concerns about China's economic outlook and the temporary pause in the US Dollar's decline have restrained this currency pair ahead of the highly significant US NFP data. In Australia, October trade data failed to support the Australian Dollar (AUD). The trade surplus decreased to 7.129 million in October from the previous reading of 6.184 million, falling below the market estimate of 7.500 million. Furthermore, China's November import data has raised concerns about an economic slowdown in the world's second-largest economy. Optimistic data and new concerns about China's economy could convince the Reserve Bank of Australia (RBA) to cut interest rates in 2024, potentially pushing the AUD lower. Next, market participants will closely monitor the US Non-Farm Payrolls (NFP) report, scheduled for release later on Friday. Additionally, the Unemployment Rate, Average Hourly Earnings, and the University of Michigan Consumer Sentiment Index will be published. These events could cause market volatility and provide clearer direction for the AUD/USD pair.
by Larissa-Trader
AUDUSD Bearish move to continueThe Aussie dollar has been going down against the US dollar for the past few days. This is because the US dollar is getting stronger and the Aussie dollar is getting weaker. The Reserve Bank of Australia (RBA) kept interest rates the same at their last meeting, but the market expects interest rates to be cut in the second half of 2024. The US dollar has been strong recently, even though US data has been mixed. The number of job openings was lower than expected, but the ISM Services PMI rose to 52.7 in November, which was higher than expected. US yields dropped after the data was released, but the US dollar remained strong. More employment data will be released from the US this week, including the ADP report, the weekly Jobless Claims, and the Nonfarm Payrolls (NFP) release. Overall, we are expecting a further drop from AUDUSD, and the NFP release on Friday will either push that drop or generate a pullback, and then the drop will resume the following week, we will see... Please feel free to share comments about this analysis and your point of view, thank you all, and trade with care!
Short
by financialflagship
AUDJPY SHORT(Did this publishing on my mobile app.) On the Daily timeframe, a potential ABC pattern has been spotted. If you look left, the ABC pattern from the past is what I’m referring to. The RSI is overbought at this level and there is also a potential divergence being created between price and RSI. Buyers seem to still want to push but the effort in action seems like it’s gassing. Took an initial entry with a 1:1 setup and may start planning for an additional entry depending on price movement down the road. This is a weekly/ daily trade and will take some time. Not advice. If stop loss gets hit, we will reassess.
Short
by Redimere_91
4
AUDCAD LONG Trade ManagementI am currently long AUDCAD with +480 pips across two lots. Price has reached an untested supply zone and is also up against a 78.6 fib extension and 50.0 fib retracement level. I am going to go ahead and scale down my positions, take profit and move my stops to trail from break even. Short, medium, and long term indicators support both a strengthening Aussie and Canadian dollar, which can be a little tricky to navigate. In a perfect world you want to see one strong and/or strengthening currency against a weak and/or weakening. Thus I think it prudent to go ahead and take some dinero off the table.
Long
by thetradeWELL
AUD/USD BULLISH OUTLOOKThe USD, having experienced substantial blows from rate cut projections, faces a challenging scenario with the Fed signaling probable easing. Despite the narrative of falling inflation, policymakers are aiming to relay the message that inflation has yet to stabilize sustainably near the targeted 2%. The looming Fed speeches, particularly Chair Powell's impending remarks, serve as preludes to the blackout period before the December policy meeting, crucial in shaping market expectations. As the USD grapples with uncertainties, major currency pairs are capitalizing on its weakness. The AUD, alongside currencies like the GBP and NZD, has displayed resilience, buoyed by a hawkish tone from the Reserve Bank of Australia (RBA). However, doubts persist about China's economic revival, making forthcoming Australian CPI readings pivotal for short-term AUD prospects. The AUD/USD technical indicators signal a bullish trajectory, with both MACD and RSI showing buy signals. The current trend could potentially elevate the price to levels around 0.6795, although a pivot point at 0.6648 might redirect the price to around 0.6598. With the USD on a downtrend, and pivotal economic events looming, the AUD's performance against the greenback hinges heavily on data releases, central bank policies, and global economic sentiments in the days ahead. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Long
by legacyFXofficial