News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here: https://t.co/GGVrB3r7if https://t.co/HPHUC8EG3o
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/q80wSAoxXP
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDnpPbn https://t.co/Xtk5g4JQEB
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/SsUguHB39W
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/aD1ZWhTWZp
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here: https://t.co/719LgjFmYG https://t.co/SSoqjONUzA
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:https://t.co/ed4QR7QQOn https://t.co/gDWYNtm2UY
Post-NFP AUD/USD Rebound Eyes 0.7600 Hurdle Ahead of FOMC Meeting

Post-NFP AUD/USD Rebound Eyes 0.7600 Hurdle Ahead of FOMC Meeting

2017-03-13 15:56:00
David Song, Strategist
Share:

Talking Points:

-Post-NFP AUD/USD Rebound Eyes 0.7600 Hurdle; Australia Employment Report on Tap.

- Scotland Referendum Shakes EUR/USD Outlook; Attention Turns to Dutch Election.

DailyFX Table

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

AUD/USD

0.7588

0.7592

0.7531

47

61

AUD/USD Daily

AUD/USD Daily Chart

Chart - Created Using Trading View

  • AUD/USD extends the advance following the U.S. Non- Farm Payrolls (NFP) report, with the pair at risk for a larger recovery as the 0.7500 (50% retracement) handle offers near-term support; however, the string of failed attempts to close above the Fibonacci overlap around 0.7590 (100% expansion) may produce range-bound conditions especially ahead of the Federal Open Market Committee (FOMC) meeting as the central bank is widely expected to deliver a March rate-hike.
  • Nevertheless, another 16.0K expansion in Australia Employment may heighten the appeal of the higher-yielding currency and encourage the Reserve Bank of Australia (RBA) to adopt an upbeat outlook for the region as ‘conditions in the global economy have continued to improve over recent months,’ but it seems as though Governor Philip Lowe and Co. are in no rush to move away from the record-low interest rate as ‘inflation remains quite low;’ in turn, the fresh projections coming out of the FOMC may play a greater role in dictating near-term price action as market participants gauge the diverging paths for monetary policy.
  • Note AUD/USD continues to operate within the 2016 rate after failing to test the November high (0.7778), with the pair at risk of giving back the advance from earlier this year especially as the Relative Strength Index (RSI) extends the bearish formation carried over from the previous month.

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EUR/USD

1.0677

1.0714

1.0656

9

58

EUR/USD Daily

EUR/USD Daily Chart

Chart - Created Using Trading View

  • EUR/USD pulls back from a fresh monthly high of 1.0714, with the single-currency at risk of facing additional headwinds as Scotland plans to hold a second referendum, while market participants eagerly await the results of the Dutch elections; another failed attempt to close above the Fibonacci overlap around 1.0660 (50% expansion) to 1.0680 (78.6% expansion) may cap the near-term rebound in the exchange rate especially as the European Central Bank (ECB) keeps the door open to further embark on its easing-cycle.
  • Growing concerns surrounding the stability of the monetary union may encourage the Governing Council to further support the euro-area, and President Mario Draghi and Co. may show a greater willingness to extend its asset-purchase program beyond the December 2017 deadline as officials continue to strike a dovish tone and argue ‘headline inflation had increased recently, mainly owing to developments in energy prices;’ the ECB’s widening balance sheet may continue to cast a long-term bearish outlook for the euro-dollar exchange rate especially a Chair Janet Yellen warns ‘waiting too long to remove accommodation would be unwise, potentially requiring the FOMC to eventually raise rates rapidly.
  • Lack of momentum to hold/close 1.0660 (50% expansion) to 1.0680 (78.6% expansion) may open up the downside targets, with the first region of interest coming in around 1.0600 (23.6% expansion) followed by near-term support around 1.0470 (38.2% expansion) to 1.0500 (50% expansion).

For More Updates, Join DailyFX Currency Analyst David Song for LIVE Analysis!

Click HERE for the Entire DailyFX Webinar schedule.

DailyFX Calendar

Click Here for the DailyFX Calendar

If you’re looking for trading ideas, check out our Trading Guides.

Read More:

Technical Weekly: USD/JPY 115.50-116.00 is a Clear Trading Barrier

S&P 500 Pulls Back to Support and Holds; Rip to New Highs or Consolidation Next?

What To Watch On The Breakdown In Oil & Gold As DXY Accelerates

PBOC, Fed Remain Key Drivers to Yuan

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES