Hello everyone , as we all know the market action discounts everything :)
The AUD/USD market showing a lot of bearish signs after failing to hold 0.75 today and it looks like the market might be dropping down in the next week or two .
a possible reversal might happen but we need to wait for the conformation on the Market price testing the support line at 0.7401 .
on jun 21 i showed the 1D movement of the AUD/USD and explained how the market price is moving in a bearish way and used The Elliot wave theory to try to understand the market movement and we see that did happen in the past weeks where the price dropped from 0.77 down to the 0.74 zone
looking at indicators now we see that :
1_The market price trending below both the 10MA and the 20MA (bearish sign)
2_RSI showing at lot of weakness sitting around the 41.13 (at the time this was published) with no divergences between the indicator and the market price.
3_MACD in under a negative crossover , Market price is moving above the MACD (bearish sign )
Support & Resistance points :
support Resistance
1_0.745 1_0.7498
2_0.7424 2_0.7521
3_0.7401 3_0.7547
Fundamental point of view :
According to DailyFX
The AUD/USD has been under pressure of late following renewed virus fears in Australia, along with Federal Reserve hawkishness. The Australian Dollar may potentially have bottomed following a test of September 2020’s swing high at 0.7413. Currently AUD/USD remains below the key 0.5% Fibonacci level at 0.7499, having failed to materially break above during the last few sessions. With virus fears in Australia growing, the Australian Dollar may continue to consolidate near its 2021 lows until the fundamental outlook in Australia improves.
The data from Australia showed that the National Australia Bank's Business Confidence Index dropped to 11 in June from 20 in May, compared to the market expectation of 23. Additionally, the Business Conditions Index fell to 24 from 36 and missed analysts' estimate of 33. On a positive note, HIA New Hom Sales increased by 14.8% on a monthly basis in June but this print failed to help the AUD gather strength.
Make sure to Follow and Like for more content
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask
Thank you for reading.
The AUD/USD market showing a lot of bearish signs after failing to hold 0.75 today and it looks like the market might be dropping down in the next week or two .
a possible reversal might happen but we need to wait for the conformation on the Market price testing the support line at 0.7401 .
on jun 21 i showed the 1D movement of the AUD/USD and explained how the market price is moving in a bearish way and used The Elliot wave theory to try to understand the market movement and we see that did happen in the past weeks where the price dropped from 0.77 down to the 0.74 zone
looking at indicators now we see that :
1_The market price trending below both the 10MA and the 20MA (bearish sign)
2_RSI showing at lot of weakness sitting around the 41.13 (at the time this was published) with no divergences between the indicator and the market price.
3_MACD in under a negative crossover , Market price is moving above the MACD (bearish sign )
Support & Resistance points :
support Resistance
1_0.745 1_0.7498
2_0.7424 2_0.7521
3_0.7401 3_0.7547
Fundamental point of view :
According to DailyFX
The AUD/USD has been under pressure of late following renewed virus fears in Australia, along with Federal Reserve hawkishness. The Australian Dollar may potentially have bottomed following a test of September 2020’s swing high at 0.7413. Currently AUD/USD remains below the key 0.5% Fibonacci level at 0.7499, having failed to materially break above during the last few sessions. With virus fears in Australia growing, the Australian Dollar may continue to consolidate near its 2021 lows until the fundamental outlook in Australia improves.
The data from Australia showed that the National Australia Bank's Business Confidence Index dropped to 11 in June from 20 in May, compared to the market expectation of 23. Additionally, the Business Conditions Index fell to 24 from 36 and missed analysts' estimate of 33. On a positive note, HIA New Hom Sales increased by 14.8% on a monthly basis in June but this print failed to help the AUD gather strength.
Make sure to Follow and Like for more content
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask
Thank you for reading.