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AUDUSD is likely to fall then rise againThe AUDUSD witnessed a remarkable rebound this week, surging to the 0.6791 level on Thursday, marking the highest level since late July. After a failed attempt at the beginning of the month, the bulls finally broke above the resistance trendline dating back to April 2022, adding to the market's optimistic sentiment that the upward reversal from the year's low point in October may continue. The RSI and the stochastic oscillator align with this view, as they fluctuate around the 70 and 80 levels, respectively, without confirming overbought conditions. The 0.6791 level, which has restricted both upward and downward trends for over a year, is currently under scrutiny. If it gives way, the upward momentum could accelerate toward the 0.6800 level and then rise to the double-top formation at 0.6894 from June to July 2023. If bulls make further progress, the next resistance may emerge around the 0.6980 area. Alternatively, a downward correction may initially pause between the nearby support at 0.6655 and the breached resistance trendline. If this bottom holds, the asset might seek shelter near the exponential moving averages, currently situated between 0.6520 and 0.6600. Subsequent further declines could find stability around the 2020 ascending trendline at 0.6470 or lower near 0.6400. Afterward, attention might shift to the crucial 0.6269-0.6300 region. Overall, the AUDUSD maintains a bullish bias. While the recent strong rebound may slow down, bulls could focus on the 0.6830 area as the potential endpoint of the upward impulse waves in the coming trading days. In terms of trading strategy, buying the dips is recommended.
by carefulLion07pab
🔥 AUDUSD) bearish) hitting support levels)The Australian and New Zealand dollars slipped on Monday, guided lower by yuan weakness amid increasing deflationary pressure in China, while traders await a week packed with central bank meetings to keep buying into their interest rate-cut hope. The Aussie slipped 0.3% to $0.6556 AUDUSD , having fallen 1.5% last week in the first decline in four weeks. It eased 0.4% on Friday as an upbeat U.S. payrolls report saw investors scale back expectations for a March cut by the Federal Reserve, supporting the U.S. dollar. (FEDWATCH) Resistance is now at $0.6620 while support is $0.6526. The kiwi was off 0.1% at $0.6113 NZDUSD after a weekly drop of 1.4% to snap a three-week winning streak. It fell 0.8% on Friday, with support at $0.6104. The two Antipodeans - which are often sold as liquid proxies for China's currency - tracked the yuan lower USDCNY after data at the weekend showed consumer prices in China fell 0.5% in November, pointing to still-sluggish domestic demand despite recent hope that the economic slowdown had bottomed out. Looking ahead, the Antipodean currencies face critical tests this week from U.S. inflation data on Tuesday, a Federal Reserve meeting on Wednesday and Australian labour market data on Thursday. Markets are already pricing in an easing of more than 100 basis points from the Fed next year. The European Central Bank, Bank of England, Norges Bank and the Swiss National Bank also meet on Thursday. "The Aussie benefited from the broad USD slide in November but has pulled back sharply from potentially extending gains into 0.67-0.68," said Westpac strategist Tim Riddell. "Aussie may now be constrained by the cool investor response to China's fiscal stimulus measures and ongoing concern over property sector stress, notwithstanding the strength of iron ore prices." Australian yields tracked movement in U.S. Treasuries on Friday after the payrolls report sent bonds lower. The three-year Australian government bond yield (AU3YT=RR) rose 4 basis points to 3.956%, while the 10-year AU10Y was 2 bps higher at 4.334%. New Zealand will report third-quarter economic growth on Thursday, with analysts expecting gross domestic output to have expanded by a tepid 0.2% from the previous quarter's 0.9%.🙏
Short
by SMC-Trading-Point
AUDUSD - W1\D1AUDUSD W1 - The price reached level 161 after breaking through the trend line. which could lead to the start of a correction or a continuation of the downward movement to new lows. D1 - The price can form a 3-wave structure and, upon breaking through the minimum of the 1st wave, continue moving to the levels of 0.62592. What can you expect? You can consider entering from the level of ~0.65260 with further movement to the target 0.62592. Cancellation of the idea so as not to take increased risk on the idea levels beyond the end of the 2nd wave - 0.66261 or 1st wave - 0.66953. Cancellation of the structure, can also be the formation of an ABC formation. Short Target 0.6932 - 0.64250 - 0.63629 - 0.62592
Short
by Trade_Hive_Signals
AUDUSD: UBS: The Fed will still be cautious and declare the needUBS comments ahead of the December 12th and 13th FOMC meeting: The Summary Economic Outlook (SEP), released at the same time as the December policy statement, says there will likely be at least one, and more likely two, rate cuts in 2024. . While the market is happy with the FOMC's rate cuts, UBS expects the committee to be a little more cautious. The cumulative rate cuts deemed appropriate by a majority of FOMC officials over the SEP's forecast period are expected to be approximately 250 basis points. It's still too early to declare victory over inflation Even if the FOMC cuts rates, the Fed is likely to continue warning that it is prepared to raise rates again if there is any doubt that inflation is falling.
Short
by Chart_MasterPro
4
AUDUSD Technical Analysis And Trade IdeaThe AUDUSD pair has been showcasing a robust bullish trend recently. Our focal point narrows down to the 1D and 4H time frames, strategically aiming to pinpoint the most advantageous entry positions amidst a substantial price swing that is expected to undergo a retracement phase. Our primary focus revolves around identifying retracement levels within the 50% to 61.8% Fibonacci zone, an area we favor for optimal entry opportunities. This video delves into the intricacies of price action, market structure, and overarching trends, unveiling pivotal insights into technical analysis. Throughout this analysis, we delve into crucial elements: market structure dynamics, nuances of price action, trends' patterns, and fundamental technical analysis components. It is crucial to underline that this content serves purely educational purposes. Therefore, it is imperative to refrain from interpreting it as financial advice.
Long
by fxtraderanthony
Possible opportunity in Aussie vs USD this week?US dollar Attention will be paid to key economic indicators that roll out over the course of the week such as the Non-farm Payrolls jobs report, JOLTs job openings, and the ISM Services PMI survey. Moody's analysis suggests a cooling down of various labor market measures. The uptick in November jobs growth is attributed to the impact of the United Auto Workers strikes in October rather than a substantial resurgence in the labor market. Aussie Dollar The Reserve Bank of Australia (RBA) is anticipated to maintain its interest rate in its upcoming meeting on Wednesday, with a 97% probability for the rate to stay at 4.35%. There is only a 3% chance of a 25bps hike to 4.60%. This expectation follows the RBA's decision to raise the Cash Rate by 25bps in the last November meeting. A surprise decision by the RBA (or even a change in outlook) could see the Aussie dollar spike like the NZ dollar did last week. Look for weak preliminary job numbers coming from the US for extra confirmation of a bullish Aussie outlook.
by BlackBull_Markets