The AUDUSD was at 0.66834 and experienced a loss of over 1% in pips during Friday’s session. It is expected to end the week with a decline of 2.9%.
…
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)]
- On Friday’s session, the AUD/USD lost more than 1% pips and poised to closed a 2.9% weekly decline
The pair currently trades last at 0.66834.
The previous day high was 0.6806 while the previous day low was 0.6745. The daily 38.2% Fib levels comes at 0.6768, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6783, expected to provide resistance.
On Friday, the Aussie faced severe selling pressure and the AUD/USD fell to its lowest level since early June towards the 0.6660 area. In that sense, global economic downturn fears following weak UK and Eurozone PMIs, followed then by mixed US PMIs favored a sour market mood and hence benefited the US Dollar.
On Friday, PMIs indicated mixed results for the US in the month of June, according to the S&P Global report. The Manufacturing PMI for June, fell to a five-month low, reaching 46.3, failing to live up to the expectations of 48.3. On the positive side, the Services PMI came slightly above the expectations at 54.1 vs the 54 anticipated by markets. Moreover, the Global Composite PMI dropped to 53 vs the 54.4 expected.
Adding to the negative market environment, the 10-year bond yield declined to a low of 3.70% while the 2-year yield fell to 4.70% and the 5-year to 4%, respectively. Moreover, the S&P 500 index (SPX) is seeing 0.6% losses, the Dow Jones Industrial Average (DJI) a 0.51% decline, and the Nasdaq Composite (NDX) a 0.92% loss.
Regarding the next sessions, attention now turns to next week’s Core Personal Consumption Expenditures (PCE) and Gross Domestic Product (GDP) data from the US where investors will get a clearer outlook of the economic activity and inflation in order to start modeling their expectations towards the next Fed meeting in July. On the Australian side, the focus is the Monthly Consumer Price Index from May.
The AUD/USD holds a bearish outlook for the short term, as per the daily chart. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both fell to negative territory, and below the 20,100 and 200-day Simple Moving Averages (SMAs). The negative outlook is also seen in the weekly chart where the pair is set to posit the largest weekly decline since March.
In case the AUD/USD loses more ground in the 0.6640 zone, the 0.6620 area and psychological mark at 0.6600 could come into play. On the flip side, the following resistances line up at the 200-day SMA at 0.6690, followed then by the 20-day SMA at 0.670 and the 100-day Simple Moving SMA at 0.6712.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6681 at the time of writing. Pair opened at 0.6756 and is trading with a change of -1.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6681 |
| 1 | Today Daily Change | -0.0075 |
| 2 | Today Daily Change % | -1.1100 |
| 3 | Today daily open | 0.6756 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6696, 50 SMA 0.6681, 100 SMA @ 0.6716 and 200 SMA @ 0.6692.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6696 |
| 1 | Daily SMA50 | 0.6681 |
| 2 | Daily SMA100 | 0.6716 |
| 3 | Daily SMA200 | 0.6692 |
The previous day high was 0.6806 while the previous day low was 0.6745. The daily 38.2% Fib levels comes at 0.6768, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6783, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6732, 0.6708, 0.667
- Pivot resistance is noted at 0.6793, 0.683, 0.6855
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6806 |
| Previous Daily Low | 0.6745 |
| Previous Weekly High | 0.6900 |
| Previous Weekly Low | 0.6732 |
| Previous Monthly High | 0.6818 |
| Previous Monthly Low | 0.6458 |
| Daily Fibonacci 38.2% | 0.6768 |
| Daily Fibonacci 61.8% | 0.6783 |
| Daily Pivot Point S1 | 0.6732 |
| Daily Pivot Point S2 | 0.6708 |
| Daily Pivot Point S3 | 0.6670 |
| Daily Pivot Point R1 | 0.6793 |
| Daily Pivot Point R2 | 0.6830 |
| Daily Pivot Point R3 | 0.6855 |
[/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
