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FxWirePro: AUD/USD rangebound amid holiday-thinned trading, bias bearish

AUD/USD chart - Trading View 

  • AUD/USD is trading in an extremely narrow range in the Asian session today.
     
  • The pair slumped lower overnight as bullish US data offset the strong Australian jobs report.
     
  • U.S. jobless claims data showed number of Americans filing applications for unemployment benefits dropped to the lowest in nearly 50 years last week.
     
  • Retail sales surged 1.6 percent last month (beating expectations at 0.9 percent), the biggest increase since Sept 2017 and followed an unrevised 0.2 percent drop in Feb. 
     
  • Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 192,000 for the week ended April 13, the lowest level since September 1969. 
     
  • Major trend in the pair has always been bearsih. And now steam in the minor recovery seems to have fizzled out.
     
  • 200-DMA has proved to be stiff resistance to break. Price has slipped below 5-DMA which is now showing a slight turn northward.
     
  • Stochs are on verge of a rollover from overbought levels and MACD is on verge of bearish crossover on signal line.
     
  • Scope for test of trendline support at 0.7110 (nearly converged 50-DMA and trendline). Break below opens up further downside.
     
  • Focus on  US housing starts and building permits data due later today for further impetus.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

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July 2 15:00 UTC Released

DKCurrency Reserves

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449.6 Stale

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451.7 Stale

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USISM NY Biz Conditions

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50 %

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48.6 %

January 31 00:00 UTC 773106773106m

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January 22 19:00 UTC 784926784926m

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-1541 %

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2016 bln ARS

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January 22 19:00 UTC 784926784926m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 773106773106m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 773106773106m

ARAnnual Primary Balance*

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2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 773106773106m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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