Good morning traders,
Today we are starting with a look at Aussie dollar and US dollar.
After positive Chinese growth data came out overnight- GDP and industrial production both beating estimates- Aussie dollar spiked up to the 0.72 area where it has previously found strong resistance both from the psychological aspect of a round number and this area coinciding with the 200 day moving average.
The pair have been trading in a 2 point range since mid January from low 0.72 to low 0.70 area. After the Chinese data Aussie Dollar US dollar are at the top of the range and looking close to overbought on RSI and stretched on Bollinger band technicals.
Tonight Australia has various employment data due, all of which will be highly watched by the market due to increased speculation that the central bank may look to cut interest rates. A disappointing number and we would expect this pair to retreat back to 0.71 area overnight.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Today we are starting with a look at Aussie dollar and US dollar.
After positive Chinese growth data came out overnight- GDP and industrial production both beating estimates- Aussie dollar spiked up to the 0.72 area where it has previously found strong resistance both from the psychological aspect of a round number and this area coinciding with the 200 day moving average.
The pair have been trading in a 2 point range since mid January from low 0.72 to low 0.70 area. After the Chinese data Aussie Dollar US dollar are at the top of the range and looking close to overbought on RSI and stretched on Bollinger band technicals.
Tonight Australia has various employment data due, all of which will be highly watched by the market due to increased speculation that the central bank may look to cut interest rates. A disappointing number and we would expect this pair to retreat back to 0.71 area overnight.
As always this is not a trade recommendation and simply technical observation.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
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