If sellers wished to ship a message, they may’ve have made it clearer in buying and selling yesterday. It was a case of a double whammy for the aussie. The Australia retail gross sales knowledge was poor and whenever you mix that with poorer danger sentiment and a firmer greenback, it was sufficient to take AUD/USD down by over 1%.
AUD/USD every day chart
To compound the distress, it comes amid a technical rejection of the 100-day shifting common (purple line) on Monday in addition to a fall beneath the 200-day shifting common (blue line) and the 0.6500 stage yesterday. And that brings us to a check of the 50.0 retracement stage of the rebound now at 0.6474.
For buying and selling right this moment, the greenback aspect of the equation will issue extra into the image. We’ve got some key US knowledge developing after which the FOMC assembly.
On the similar time, danger sentiment can be on edge after shares fell laborious yesterday. S&P 500 futures are down 0.3% with Nasdaq futures down 0.5%. That might be one other consideration issue for the aussie within the periods forward.
For now, AUD/USD is calmer and sitting little modified close to 0.6478. However with sellers in management once more, it will not take a lot to push value again down in direction of 0.6400 if the appropriate circumstances line up later right this moment.
As for patrons, they’ve some work to do to persuade in any other case. The 200-hour shifting common sits at 0.6492 and the 100-hour shifting common at 0.6526 at the moment. These would be the first two key near-term ranges to get above to solidify any potential bounce again on the week.
