OctaFX | OctaFX Forex Broker
Open trading account

Forex: AUD/USD attempts to recover some losses, edges higher in Asia trade

FXstreet.com (Barcelona) - The AUD/USD is clawing back some losses during the Asia session, currently trading up 26 pips at 0.9980 last. Market participants should be aware of the upcoming Aussie Budget release due out later at 9:30GMT.

According to Sean Lee of FXWW, “AUD/USD has made new swing lows overnight and has closed below previous day’s lows, all bearish signals. The target is the 200-week MA at .9870 and initial resistance is starting near .9980/85. With the daily chart looking so bearish, I’d suggest we stay with the sell-rally bias. If there are any nasty surprises in tonight’s budget then the AUD selling could pick up significantly, especially with so many speculative players afraid of ‘missing out.”.

The FXStreet.com Trend Index remains Strongly Bearish on the 4 hour chart, while the OB/OS Index remains Neutral. Initial resistance sits at 0.9999 (the 50dma on 1 hour chart), followed by 1.0030 (resistance on 1 hour chart). First support sits at 0.9964 (the 9dma on 1 hour chart), followed by 0.9940 (previous day low)

Asia-Pacific share markets mostly up

Local share markets are mostly in the green following US SP500 futures currently near session highs, after closing at break even for the first day of the week in NY above the 1630 points mark, almost all time record highs. Nikkei index opened in Tokyo above the 14800 points rising more than +0.25% but soon eased on Yen strength as USD/JPY was breaking below the 101.50, and big banks were falling on profits taking, Nikkei news reported.
Read more Previous

Forex Flash: USDJPY trading above 100 is not a serious concern for now – Nomura

The USD/JPY traded in a narrow range, closing the session flat at 101.76. Although G7 gathered over the weekend, the pair seemed to have little reaction towards the meetings.
Read more Next
Start livechat