radex78
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The AUD/USD pair extends gains ahead of the release of unemployment rate data
Yesterday the AUDUSD pair drew a bullish candle with a slightly long body extending the previous increase. This pair experienced three consecutive days of increases since Monday at the start of this week. Yesterday the price formed a high of 0.62466, a low of 0.61812, and closed at 0.62251. The price increase of the AUDUSD pair has crossed the middle band line from the downside.
Although in the long term, the Australian dollar tends to weaken against the US dollar, this week for three consecutive days the Australian dollar strengthened trying to gain balance against the US dollar. The US dollar's strong rally began in October due to the influence of President Trump.
The dollar index (DXY), which tracks the USD currency against six major currencies, was a surprise after the release of US CPI data which brought the DXY down to a low of 108,602 from a high of 109,346. Meanwhile, the Australian Dollar extends its weekly rebound further above the 0.6200 mark, opening doors to test the 0.6300 hurdle in the short term.
On the other hand, the RBA will consider lowering interest rates in February, citing sluggish economic momentum and reduced inflation risks, even though the chance is only 62%. Australia faces the challenges of weaker-than-expected Q3 GDP growth and a decline in consumer rates in January. Sluggish commodity prices and concerns about China's economic slowdown are weighing on Australia as China is one of the main drivers of Australia's exports.
Today investors will focus on Australian jobs data and US retail sales as well as jobless claims.
Australia's Employment Change is estimated to add 14.5k from the previous data of 35.6k with the Unemployment Rate forecast to rise 4.0% from the previous 3.9%.
Meanwhile, US Core Retail Sales are forecast at 0.5% from the previous 0.2%, and unemployment claims are forecast to rise by 210k from the previous 201k.
AUDUSD D1
The AUDUSD pair on the daily timeframe is now moving slightly above the middle band line. Bollinger bands draw a descending channel with deflating bands indicating a downtrend with less volatility.
MA 50 above the upper band draws a descending channel indicating a market downtrend. There is a death cross signal in this timeframe. MA 200 is far above the upper band line drawing a flat channel indicating a sideways market.
The VB High TDI indicator shows a value of 43 and VB Low shows a value of 24. The difference of 19 reflects the volatility value in the daily timeframe.
Market Base Line shows a value of 34 with a flat channel, meaning the weight of bearish is greater than bullish.
The RSI Price Line points to a value of 44 with an upward channel crossing the MBL and TSL from the lower side indicating an uptrend market.
The Trade Signal Line points to the value 36 with an upward channel crossing the MBL from the lower side indicating an uptrend market.
AUDUSD H4
The AUDUSD pair in the H4 timeframe is now near the upper band line. Bollinger bands draw a flat channel with expanding bands indicating a sideways market with increasing volatility.
MA 50 above the middle band line draws a flat channel indicating a sideways market. The 200 MA is far above the upper band line drawing a descending channel indicating a market downtrend.
The VB High TDI indicator shows a value of 60 and VB Low shows a value of 27. The difference of 33 reflects the volatility value in the H4 timeframe.
Market Base Line points to a value of 44 with an upward channel, meaning the weight of bearish is greater than bullish.
RSI Price Line is pointing at 60 with a curved channel to the downside having crossed MBL and TSL from the downside indicating fading upside.
The Trade Signal Line points to the value 58 with an upward channel crossing the MBL from the lower side indicating an uptrend market.
Yesterday the AUDUSD pair drew a bullish candle with a slightly long body extending the previous increase. This pair experienced three consecutive days of increases since Monday at the start of this week. Yesterday the price formed a high of 0.62466, a low of 0.61812, and closed at 0.62251. The price increase of the AUDUSD pair has crossed the middle band line from the downside.
Although in the long term, the Australian dollar tends to weaken against the US dollar, this week for three consecutive days the Australian dollar strengthened trying to gain balance against the US dollar. The US dollar's strong rally began in October due to the influence of President Trump.
The dollar index (DXY), which tracks the USD currency against six major currencies, was a surprise after the release of US CPI data which brought the DXY down to a low of 108,602 from a high of 109,346. Meanwhile, the Australian Dollar extends its weekly rebound further above the 0.6200 mark, opening doors to test the 0.6300 hurdle in the short term.
On the other hand, the RBA will consider lowering interest rates in February, citing sluggish economic momentum and reduced inflation risks, even though the chance is only 62%. Australia faces the challenges of weaker-than-expected Q3 GDP growth and a decline in consumer rates in January. Sluggish commodity prices and concerns about China's economic slowdown are weighing on Australia as China is one of the main drivers of Australia's exports.
Today investors will focus on Australian jobs data and US retail sales as well as jobless claims.
Australia's Employment Change is estimated to add 14.5k from the previous data of 35.6k with the Unemployment Rate forecast to rise 4.0% from the previous 3.9%.
Meanwhile, US Core Retail Sales are forecast at 0.5% from the previous 0.2%, and unemployment claims are forecast to rise by 210k from the previous 201k.
AUDUSD D1
The AUDUSD pair on the daily timeframe is now moving slightly above the middle band line. Bollinger bands draw a descending channel with deflating bands indicating a downtrend with less volatility.
MA 50 above the upper band draws a descending channel indicating a market downtrend. There is a death cross signal in this timeframe. MA 200 is far above the upper band line drawing a flat channel indicating a sideways market.
The VB High TDI indicator shows a value of 43 and VB Low shows a value of 24. The difference of 19 reflects the volatility value in the daily timeframe.
Market Base Line shows a value of 34 with a flat channel, meaning the weight of bearish is greater than bullish.
The RSI Price Line points to a value of 44 with an upward channel crossing the MBL and TSL from the lower side indicating an uptrend market.
The Trade Signal Line points to the value 36 with an upward channel crossing the MBL from the lower side indicating an uptrend market.
AUDUSD H4
The AUDUSD pair in the H4 timeframe is now near the upper band line. Bollinger bands draw a flat channel with expanding bands indicating a sideways market with increasing volatility.
MA 50 above the middle band line draws a flat channel indicating a sideways market. The 200 MA is far above the upper band line drawing a descending channel indicating a market downtrend.
The VB High TDI indicator shows a value of 60 and VB Low shows a value of 27. The difference of 33 reflects the volatility value in the H4 timeframe.
Market Base Line points to a value of 44 with an upward channel, meaning the weight of bearish is greater than bullish.
RSI Price Line is pointing at 60 with a curved channel to the downside having crossed MBL and TSL from the downside indicating fading upside.
The Trade Signal Line points to the value 58 with an upward channel crossing the MBL from the lower side indicating an uptrend market.
