The AUD has opened little changed from yesterday as markets remain wary ahead of this Friday’s speech from Ben Bernanke in Jackson Hole.
The Aussie’s in a tight spot at the moment with no clear direction as it continues to consolidate between 1.0440 on the downside and 1.0540 on the upside. With the moving averages distinctly flat, the market will be waiting for a break out of the range before taking new positions.
The Australian Dollar has opened this morning’s session half a US Cent higher on the back of a good night in overseas stock markets
and healthy economic data out of China.
The Aussie broke above 1.0480 overnight and that sets up a move to 1.0600. The overnight strength in equities has also been a positive for the AUD/USD. Any pullback to 1.0480 is likely to be seen as buyable. A break above 1.0600 will be seen as a major continuation of the long term bull market.
US new home sales fell by 0.7pct to a seasonally adjusted annual rate of 298,000 units - the lowest reading since February. In the 12 months to July new home sales rose by 6.8pct.
Early yesterday the Aussie looked set for another uneventful day however it was soon to prove us wrong. After settling at a morning low of 1.0390 it soon shot above the 1.0400 handle as it was announced Chinese Manufacturing PMI, although still contractionary, was much better than feared.
The share of US home loans overdue by 30 days rose to 3.46 percent of all mortgages in the second quarter, up from 3.35 percent in the first quarter, according to a report from the Mortgage Bankers Association.
The Australian Dollar has established itself in range-bound trade early this week, a result of the hesitation market participants are showing in the lead up to the much talked about Jackson Hole summit later this week
Volatility remained the order of the day on Friday, as major equity markets all moved lower, which kept the AUD under selling pressure.
The Aussie has started the new week on a negative foot and now appears to be heading back to support at 1.0320. While the bias remains negative, traders will be watching for a bounce around 1.0320. A break below this level is likely to see further selling.
Overnight saw equity markets fall and the AUD followed, trading down to USD1.0350 as once again investors’ concerns over the European debt issues took centre stage.
The sharp selldown overnight has switched the bias to bearish on the AUD/USD and traders will now be looking to participate on the downside. While key resistance is seen at 1.0600, traders will view any move to 1.0450 as a new selling opportunity.
The Australian Dollar drifted lower yesterday falling from a two-week high against its US Counterpart. As Asian Markets remained soft, equities, oil and copper also drifted lower dampening demand for the commodities based Currency.
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The AUD has managed to grind a little higher again overnight.
The Aussie dollar continued higher overnight after breaking above resistance at 1.0520. The pair found resistance up at 1.6000 and we might see a short term pullback in the Asian session. A pullback to 1.0520/480 will be seen as a buying opportunity.
The Australian Dollar lost ground yesterday trading to an intra-day low of 1.0432 against its US Counterpart after report showed the Nations Wage Price Index rose in line with expectation.
The Aussie dollar bounced from 1.0400 again overnight giving traders the opportunity to take new longs. For now, the Aussie looks to be trapped between 1.0400 and 1.0530. A break of 1.0530 will be seen as a buying opportunity, while any pullback to 1.0400 will also be seen as buyable.
The Aussie was sold off early in the Asian session to an intraday low of 1.0405 in the lead-up to the release of the Reserve Bank August minutes.
Now the Aussie has broken out of the bullish ascending triangle and is above 1.0400, the market is taking a more bullish approach to the AUD/USD. Traders will be focusing in the upside and any pullback to 1.0400 will be seen as buyable. RBA minutes due at 11.30am and this could see some weakness from the Aussie.
The Aussie is looking ready to break above 1.0400 as it formed a bullish ascending triangle at lower levels. Once we see this break above 1.0400, the market is likely to focus on long positions. Until we see a break above 1.0400, however, the market is likely to be more wary.
The AUD is stronger this morning currently trading at USD1.0380 as offshore equity markets finished stronger and markets stabilised after the tumultuous week.
In what proved to be a tumultuous week for the Australian Dollar with ranges of more than five US Cents being witnessed a sense of normality was temporarily restored throughout the foreign exchange market on Friday.
The Aussie is looking a little more solid at these lower levels with the AUD/USD forming a neutral symmetrical triangle over the last 48 hours. While the market will remain focused on the downside in the very near term, the break higher above 1.0300 looks more positive and a break above 1.0400 is likely to change the market’s view to bullish.
The Australian dollar has opened around USD1.0350 this morning after yet another volatile day in global markets.
US initial jobless claims fell by 7,000 to 395,000 in the past week - marking the lowest reading in four months. The number of people receiving benefits after drawing an initial week of aid fell by 26,309 to 3.16 million.
The steep up and down movements in the Australian Dollar in recent days make the French Alps look like the Nullarbor Plain.
The AUD dollar has fallen considerably overnight as once again investor concern over global growth prospects and the sovereign debt crisis in Europe sparked a sell off in higher-yielding investments.
Resistance at 1.0400 worked a like a treat over the last 24 hours with the Aussie tumbling over 250 pips from this level. Until we break above 1.0400, traders will be focusing on the downside and there is the potential to move back to support at 0.9930. A move back to 1.0260/300 could be seen as a selling opportunity.
The Australian Dollar advanced yesterday managing to hold on its speculator gains from overnight Tuesday.
