#AUDUSD @ 0.67376 US Dollar continues to slide against antipodean currencies. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• US Dollar continues to slide against antipodean currencies.
• Australian Dollar is the top performer among major currencies this week.
• AUD/USD is trading at its highest level since May 11.
• The AUD/USD continued to rise and reached a fresh four-week high near 0.6740. The pair has held onto strong weekly gains, supported by a hawkish Reserve Bank of Australia (RBA) and a weaker US Dollar.

The pair currently trades last at 0.67376.

The previous day high was 0.6718 while the previous day low was 0.6652. The daily 38.2% Fib levels comes at 0.6693, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6677, expected to provide support.

The Greenback remains under pressure on Friday, particularly against antipodean currencies, which are outperforming. While the RBA and Bank of Canada have raised rates, expectations are that the Federal Reserve (Fed) will hit the pause button next week. At the same time, an improvement in market sentiment is also helping to boost demand for the AUD and NZD.

On Friday, China reported that the Consumer Price Index rose 0.2% YoY and the Producer Price Index was at -4.6% YoY. The numbers show that the impact of the reopening remains limited. Low inflation numbers keep the door open to more stimulus from Chinese authorities.

The RBA’s rate hike and Governor Lowe’s comments about persistent inflation testing the board’s patience offered a boost to the Australian Dollar. Risk-on flows and technical factors added fuel to the AUD/USD rally. Weak data from China was mostly ignored.

The AUD/USD has risen almost 150 pips during the week, marking its best performance since January. The price is currently testing the 20-week Simple Moving Average (SMA), and a clear close above it would suggest that more gains are on the table. In the daily chart, the AUD/USD is testing the 100-day SMA and is starting to consolidate above the 0.6715/20 resistance area.

The technical outlook for the Aussie is positive. However, the main risk at the moment could come from a reversal in risk flows and a hawkish surprise from the Federal Reserve next week.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6736 at the time of writing. Pair opened at 0.6716 and is trading with a change of 0.3 % .

The pair is trading above its 20 Daily moving average @ 0.6608, above its 50 Daily moving average @ 0.6662 , below its 100 Daily moving average @ 0.6743 and above its 200 Daily moving average @ 0.6691

The previous day high was 0.6718 while the previous day low was 0.6652. The daily 38.2% Fib levels comes at 0.6693, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6677, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6673, 0.6629, 0.6606
• Pivot resistance is noted at 0.6739, 0.6762, 0.6805

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group