Technical Analysis

AUDUSD moved to new highs however backs off after knowledge

PPI increased. Retail gross sales not so good as anticipated

The PPI knowledge was increased than anticipated with YoY transferring to 2.1% from 1.5% within the 2Q. That was the very best degree since June 2014.  Retail gross sales, nonetheless, was not so nice coming in at zero.2% vs zero.three% MoM. 

The AUDUSD moved increased and traded to a brand new session excessive (and traded on the highest degree since October 2nd), taking out the excessive from yesterday at zero.72119.  The worth reached zero.72134, however has backed off  to zero.7207 presently.  

Wanting on the every day chart, the value yesterday took out the topside pattern line at zero.7196.  The worth additionally moved above the zero.7200 degree. That degree stalled the autumn again in August. The worth did commerce above and beneath the extent in September and October.  

As we speak in quiet buying and selling, the low reached zero.7096 which is simply above the damaged pattern line. Keep above retains the bulls/consumers in management with the 100 day MA at zero.7269 (blue line within the chart above) as a goal down the street. The 38.2% can also be in that space at zero.7272.  

If the value strikes beneath the damaged pattern line, there ought to be extra draw back potential.  

Wanting on the hourly chart beneath, the 38.2% retracement of the transfer up from the low on Wednesday is available in at zero.71588. The swing excessive from October 17 can also be close to that degree.

A break beneath the zero.7196 will look towards that corrective degree. Patrons forward of that will likely be eyed with a break beneath, muddying the water for the bulls a bit.  


Clickbank Promo Tools
Wiadforex is a big online financial news, technical, fundamental analysis, trade ideas, option and educational site with a focus on Nigeria, Africa and world in general. This is an independent online forex platform. That is publish by Wiad Consultancy Services

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended Clickbank Products