#AUDUSD @ 0.66694 in inside the woods, oscillating in a 10-pip range despite upbeat Australian Retail Sales data. (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)]
- AUD/USD in inside the woods, oscillating in a 10-pip range despite upbeat Australian Retail Sales data.
- Monthly Aussie Retail Sales have accelerated by 0.4%, higher than the consensus and the former release of 0.2%.
- The USD Index has extended its correction to near 101.79 despite the Fed is expected to raise interest rates further by 25 bps.
The pair currently trades last at 0.66694.
The previous day high was 0.6717 while the previous day low was 0.662. The daily 38.2% Fib levels comes at 0.668, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6657, expected to provide support.
The AUD/USD pair has continued its sideways performance in a range of 0.6660-0.6670 despite the Australian Bureau of Statistics has reported an upbeat Retail Sales data (March). Monthly Retail Sales have accelerated by 0.4%, higher than the consensus and the former release of 0.2%. Resilience in consumer spending indicates that the decision of hiking interest rates further by the Reserve Bank of Australia (RBA) was correct.
On Tuesday, the Reserve Bank of Australia hikes its Official Cash Rate (OCR) surprisingly by 25 basis points (bps) and pushed it to 3.85%. The street was anticipating a continuation of neutral policy by RBA Governor Philip Lowe as inflationary pressures are consistently declining for the past three months.
However, the RBA believed that the current monetary policy is not restrictive enough to achieve the agenda of price stability.
Going forward, investors will shift their focus on Australian Trade Balance (March) data, which will release on Thursday. Monthly Trade Balance data is seen declining 12,750M from the former release of 13,870M. A weaker-than-anticipated Trade Balance data would impact the Australian Dollar.
Meanwhile, S&P500 futures are showing some gains in the Asian session, portraying a minor recovery in the risk appetite of the market participants. US equities were heavily dumped on Tuesday amid fears of recession and rising concerns over the debt ceiling.
The US Dollar Index (DXY) has extended its correction further to near 101.79 despite the Federal Reserve (Fed) is expected to raise interest rates further by 25 bps above 5%. The USD Index is impacted by the commentary from Heather Boushey, a member of the Council of US Economic Advisers. US Boushey said that interest rate hikes from the Fed were having a negative impact on the banking sector, as reported by Reuters.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6668 at the time of writing. Pair opened at 0.6663 and is trading with a change of 0.08 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6668 |
| 1 | Today Daily Change | 0.0005 |
| 2 | Today Daily Change % | 0.0800 |
| 3 | Today daily open | 0.6663 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6678, 50 SMA 0.6688, 100 SMA @ 0.679 and 200 SMA @ 0.6734.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6678 |
| 1 | Daily SMA50 | 0.6688 |
| 2 | Daily SMA100 | 0.6790 |
| 3 | Daily SMA200 | 0.6734 |
The previous day high was 0.6717 while the previous day low was 0.662. The daily 38.2% Fib levels comes at 0.668, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6657, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6616, 0.657, 0.652
- Pivot resistance is noted at 0.6713, 0.6764, 0.681
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6717 |
| Previous Daily Low | 0.6620 |
| Previous Weekly High | 0.6706 |
| Previous Weekly Low | 0.6574 |
| Previous Monthly High | 0.6806 |
| Previous Monthly Low | 0.6574 |
| Daily Fibonacci 38.2% | 0.6680 |
| Daily Fibonacci 61.8% | 0.6657 |
| Daily Pivot Point S1 | 0.6616 |
| Daily Pivot Point S2 | 0.6570 |
| Daily Pivot Point S3 | 0.6520 |
| Daily Pivot Point R1 | 0.6713 |
| Daily Pivot Point R2 | 0.6764 |
| Daily Pivot Point R3 | 0.6810 |
[/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
