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Forex: AUD/USD still limited below 1.0340 on disappointing domestic data

Following disappointing data today for Aussie, with Westpac consumer sentiment coming out at +2% when previous was +7.7%, and Aus home loans for the month of January down -1.5% when expected was at +0.2% and previous -2.1%, AUD/USD is last near session lows at 1.0316. The pair is still +0.8% higher for the week, off yesterday's fresh 2-week high at 1.0335.

As for CMT and FXstreet.com Independent Analyst Fan Yang: “AUD/USD broke above a recent consolidation and is therefore clearing above a falling channel with the 1.0340 and 1.0375 resistance levels in sight,” the analyst notes, adding: “It has turned slightly bullish, though failing to hold above 1.03 could be a sign of a weak bullish attempt. Above 1.0375, the next support/resistance pivot is around 1.0475. A return and hold below 1.02 could put the focus back to the downside,” Mr Yang concludes.

Fan finds support levels at: 1.0206, 1.0235 and 1.0275, while resistance levels: 1.0344, 1.0373 and 1.0413.

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Ahead of tomorrow's RBNZ monetary policy decision, the consensus seems to be unanimous for the central bank to hold rates steady. However, as Rabobank notes, "with New Zealand currently in pole position to be the first G10 country to suffer a rate hike this cycle, there will be plenty of attention steered towards the policy statement."
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Forex Flash: Today's Aus data more reason for RBA to stay on hold in April - NAB

After the releases in housing finance and consumer confidence, the NAB notes: "With the first up +2.4% in Jan, with investor approvals up 4.4% and owner-occupied values +1.3%, and first home buyer activity at 8½ year low, this is a good sign for dwelling construction, with finance approvals for new homes rising again."
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