Forex: AUD/USD, Australia trade number discourages volatility; stops above 1.0525
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AUD/USD
FXstreet.com (Barcelona) - On the back of Wednesday's GDP numbers in Australia, and a rosier-than-expected picture in the jobs market yesterday, the AUDUSD is trading subdued around 1.0480 after the Oct trade balance came at -2.088B vs. $A2.2B expected.
As Valeria Bednarik, chief analyst at FXstreet.com, notes: "The hourly chart, shows the upside continues to be favored as indicators head north above their midlines while price stands above a bullish 20 SMA. Also latest bearish run completed a pullback to the daily descendant trend line broken this Thursday, reinforcing the bullish tone."
I nhigher time frames, "the 4 hours chart indicators are gaining some bearish tone, yet as long as above mentioned low of 1.0470, the downside should be limited. Gains beyond 1.0510 should confirm the upward trend with 1.0550 and 1.0600 then at sight" she adds. There has been some talk by Sean Lee, Founder at FXWW, that large stops are still clustered above 1.0525.
As Valeria Bednarik, chief analyst at FXstreet.com, notes: "The hourly chart, shows the upside continues to be favored as indicators head north above their midlines while price stands above a bullish 20 SMA. Also latest bearish run completed a pullback to the daily descendant trend line broken this Thursday, reinforcing the bullish tone."
I nhigher time frames, "the 4 hours chart indicators are gaining some bearish tone, yet as long as above mentioned low of 1.0470, the downside should be limited. Gains beyond 1.0510 should confirm the upward trend with 1.0550 and 1.0600 then at sight" she adds. There has been some talk by Sean Lee, Founder at FXWW, that large stops are still clustered above 1.0525.
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