Browsing: AUD/USD Daily

The Australian Dollar has been on the back foot following several blows. What’s next?

Here is their view, courtesy of eFXdata:

NAB discusses AUD/USD technical outlook and maintains a neutral bias in the near-term.

“Since mid-January, interim range breakouts, both up and down, have been quickly reversed. As such a daily close above the mid-February low at 0.7054 would imply another failed interim decline. Price has broken below the daily cloud base (0.7068) this week, after multiple attempts in the recent weeks. Interim resistance now at 0.7065/75…A weekly close at or above 0.7085 will be cause to maintain our modestly bullish forecasts,” NAB notes.

From a technical analysis perspective this is a difficult point in time with much conflict in the charts. Hoping to see some clarity in the weekly close,” NAB adds.

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Daily outlooks of the Australian dollar against the US dollar. This currency pair is often seen as reflecting “risk” in markets/

A better mood in markets usually results in gains for this pair, and a more damp atmosphere sees a slide. The Aussie is usually featured on the list of the most predictable currency pairs. Movements have been quite significant in terms of pips on this pair.

It also enjoys a gain in the volume of trade, surpassing many other monetary units along the way. The Australian dollar is also known as AUD, the A$ or the Aussie. The Australian and New Zealand dollars are sometimes referred to as the antipodean currencies.

Chinese economic indicators have a growing influence on the pair. Trading the A$ is seen as trading China for some traders. China is Australia’s No. 1 trade partner. The US falls behind.

AUD/USD daily outlooks are currently on hiatus but may return.

Old map of Australia New Zealand, 1870 AUD NZD visual

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