OctaFX | OctaFX Forex Broker
Open trading account

Forex: AUD/USD between 1.0350 and 1.04 ahead of China HSBC

FXstreet.com (Barcelona) - The Australian Dollar continues to trade extremely erratic vs the US Dollar, a characteristic that is likely to put off many traders until the picture clears up. After continuous spikes off 1.0340/50 demand, camped sellers just above 1.04 have been also persistently bringing the rate down, resulting on very messy activity in between.

HSBC China manufacturing PMI is the next risk event at 21.45 GMT.

According to Valeria Bednarik, chief analyst at FXstreet.com: "The hourly chart shows price below its 20 SMA and indicators nearing their midlines, while the 4 hours chart technical readings also turn lower, yet still in neutral territory. While bulls still have control, there’s little to do unless price starts to move. Support 1.0300/30 is key as if below, buying interest will start to fade."

Sean Lee, founder at FXWW, said "AUD activity will depend on what happens in AUD/JPY as is again fast approaching the important physical and psychological barrier at 100.00. Option dealers report stops above this level."

Sean notes "AUD/USD trading in a wedge pattern on hourly charts, usually a continuation pattern, bullish in this case." The Australian-based analyst says stops reported above 1.0420.

Forex: EUR/JPY closes the gap at 124.50

Following worst trade deficit on record in Japan mostly due because of increasing imports, at fastest pace since late 2011, EUR/JPY is currently retracing to 124.16 near session lows from recent fresh weekly highs at 124.51. The cross printed mentioned highs on the back of USD surging against Yen following latest FOMC, closing the gap down to 121.54 EUR/JPY started the week with, while Nikkei index climbs above the 12600 points mark printing yet another fresh 4.5-year high, up +1.37% for the day so far.
Read more Previous

China HSBC Manufacturing PMI rises to 51.7 in Mar from 50.4

Read more Next
Start livechat