Forex News and Analysis
EUR needs a break of range 1.3575/1.3645 -
Valeria Bednarik, chief analyst at noted the EUR/USD eased down to the base of its recent range on Thursday in the US, posting a daily low of 1.3575 before bouncing back to its comfort zone around 1.3610.
Key quotes:
“The slide was mostly due to some increase in PCE inflation in the US that fuelled hopes of a sooner rate hike in the US, while there was no reason behind the latest bounce beyond demand”.
“Worth mention the month is about to end, and so the quarter and the first half of the year, usually a time when investors book profits and therefore being one of the reasons beyond sudden unexplainable moves”.
“Technically, there’s little to add to what have been said over the past couple weeks, with the pair needing to break either below 1.3570/80 or above 1.3645 to gain some directional strength. In the short term, the downside is favoured with indicators heading lower below their midlines and price below a bearish 20 SMA yet unless a clear break below, seems little the pair can do”.
Key quotes:
“The slide was mostly due to some increase in PCE inflation in the US that fuelled hopes of a sooner rate hike in the US, while there was no reason behind the latest bounce beyond demand”.
“Worth mention the month is about to end, and so the quarter and the first half of the year, usually a time when investors book profits and therefore being one of the reasons beyond sudden unexplainable moves”.
“Technically, there’s little to add to what have been said over the past couple weeks, with the pair needing to break either below 1.3570/80 or above 1.3645 to gain some directional strength. In the short term, the downside is favoured with indicators heading lower below their midlines and price below a bearish 20 SMA yet unless a clear break below, seems little the pair can do”.
AUD/USD trading steady above hourly 20 SMA
AUD/USD is trading at 0.9412, down -0.01% on the day, having posted a daily high at 0.9416 and low at 0.9410.
OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index, which is slightly bullish. Valeria Bednarik, chief analyst at FXStreet noted that the Australian dollar stands firm above the 0.9400 level against the greenback, advancing some at the beginning of the day in the US, but still below 0.9420 immediate intraday resistance. “The hourly chart shows price steady above a flat 20 SMA while indicators stand also in neutral territory, showing not much strength at the time being. In the 4 hours chart technical readings present a mild positive tone, as price is also above its 20 SMA but indicators struggle around their midlines”.
AUD/USD Levels
With spot trading at 0.9413, we can see next resistance ahead at 0.9414 (Daily Open), 0.9416 (Daily High), 0.9421 (Yesterday's High), 0.9423 (Weekly High) and 0.9427 (Daily Classic R1). Support below can be found at 0.9410 (Daily Low), 0.9406 (Hourly 20 EMA), 0.9401 (Hourly 100 SMA), 0.9396 (Yesterday's Low) and 0.9390 (Daily Classic PP).
OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index, which is slightly bullish. Valeria Bednarik, chief analyst at FXStreet noted that the Australian dollar stands firm above the 0.9400 level against the greenback, advancing some at the beginning of the day in the US, but still below 0.9420 immediate intraday resistance. “The hourly chart shows price steady above a flat 20 SMA while indicators stand also in neutral territory, showing not much strength at the time being. In the 4 hours chart technical readings present a mild positive tone, as price is also above its 20 SMA but indicators struggle around their midlines”.
AUD/USD Levels
With spot trading at 0.9413, we can see next resistance ahead at 0.9414 (Daily Open), 0.9416 (Daily High), 0.9421 (Yesterday's High), 0.9423 (Weekly High) and 0.9427 (Daily Classic R1). Support below can be found at 0.9410 (Daily Low), 0.9406 (Hourly 20 EMA), 0.9401 (Hourly 100 SMA), 0.9396 (Yesterday's Low) and 0.9390 (Daily Classic PP).
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