AUD/USD news - page 35
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AUD/USD forecast for the week of February 1, 2016 The AUD/USD pair initially fell during the week, but found enough support below to turn things back around and form a positive candle. The positive candle of course suggesting that we could get a bit of a bounce, but we still believe that the previous uptrend line above should offer plenty of resistance. On a resistive candle, we are willing to sell this market again as the longer-term downtrend is most certainly still very much in effect. A break down below the bottom of the candle is also a very negative sign that we would jump all over.
Australia - HIA New Home Sales for December: +6.0% m/m (prior -2.7%) HIA New Home Sales
Chief economist at HIA, Harley Dale says "key leading indicators of new home building" consistent with very healthy national construction volumes persisting throughout the H1 of 2016
AUD/USD: Aussie Lifted by RBA Minutes & Improved Risk Appetite Asian markets cheered upside moves as risk appetite continued to improve, pushing demand for higher yielding currencies higher.
The so-called aussie rose 0.24% to $0.7151 on Tuesday, easing a little from its overnight highs of $0.7177.
Earlier during the Asian session the Reserve Bank of Australia (RBA) released its February meeting minutes, which confirmed that the Bank anticipates the economy will strengthen this year despite the turmoil in global financial markets.
The minutes highlighted that the two main areas of concern are whether the recent improvement in labor market conditions continues and whether "recent financial market turbulence presaged weaker global and domestic demand".
According to me, Aussie is gonna target the maximum level of 0.78 by mid of July. Hopefully we might see it picking up very soon !
AUD: 'Lost In Transition'; Where To Target? - CIBC The central bank of Australia is trying to guide the economy through a period of transition between resource-fuelled growth and an economy supported by other drivers. Judging by the Q4 employment figures, it appeared at first as if the economy was managing this period of transition very well. However, the Secretary of the Treasury later described the strong employment gains over this period as being the result of “technical issues”.
The RBA appears to be of two minds regarding policy. It welcomes a cheaper currency as providing a boost to parts of the economy exposed to international pressures. Yet it says that the currency is merely a reflection of lower commodity prices, and is reticent to ease interest rates again due to rising private sector credit and home loans. In his semi-annual Parliamentary testimony, Governor Stevens indicated that the bank maintains a bias toward easing due to a benign inflation backdrop, but that there is no rush to cut rates further.
With uncertainty remaining regarding the global economic backdrop, it is hard to call a trough in commodity prices or by extension the Aussie dollar yet.
However, a brighter outlook for commodity demand by year-end should see a recovery to 0.74 versus the USD.
It's at the 200SMA, good time to go short.
AUD/USD forecast for the week of February 29, 2016 The AUD/USD pair initially tried to rally during the course of the week, but found quite a bit of resistance at the bottom of the previous uptrend line that had been so supportive. By doing so, the shooting star suggests that we are going to fall from here. That being the case, it’s very likely that the market will try to get down to the 0.70 level. This is a longer-term downtrend, so having said that we are waiting to place a trade, but also recognize that the sellers should continue to run the market.
Australia - Melbourne Institute Inflation Gauge (Feb.): -0.2% m/m (priors 0.4%) Australian inflation data, the Melbourne Institute Inflation gauge -0.2 % m/m
2.1 % y/y
AUD/USD: Aussie Erases Losses, Limited by Oil's Pullback The aussie pared earlier losses against the greenback on Tuesday, but missed the strong bullish momentum that drove the AUD/USD pair to the highest point since July 2015 at $0.7486 seen the day before.
The cross slightly stepped down from its multi-month high earlier in the morning, influenced by profit taking deals of crude oil traders ahead fresh stockpiles reports issued by the American Petroleum Institute (API) and the Energy Information Administration (EIA).
In addition, market sentiment deteriorated as the China's Ministry of Commerce published unexpectedly weaker trade balance data in February, once again spurring worries that the world's second biggest economy is slowing down.
''A sharp decline in exports of 25.4% would appear to point to continued weakness in the global economy, and while some of the decline may well be down to the timing of Chinese New Year, the fact that the number missed expectations by such a long way does raise concerns that global demand could be much weaker than people realize,'' CMC Markets chief market analyst Michael Hewson noticed.
On Tuesday, the aussie edged 0.01% down to $0.7467, rising from an intraday low at $0.7410 seen during European trading hours.
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Consolidation ahead.