AUD/USD surges to 0.7770
The Australian Dollar had maintained a rather stable position against the US Dollar for the last two trading sessions prior to accelerating up to the 0.7770 mark during the first part of Wednesday. The pair dashed through various resistance levels along the way and stopped at the weekly R2.
By mid-day, technical indicators were located in the overbought region, thus signalling to a possible price decline in the nearest time.
Despite various weekly pivot points, the daily low for the Aussie could be the 55-hour SMA near 0.7730. This level intersects with the bottom boundary of the prevailing channel up. The gradual decrease in steepness suggests that this pattern could be breached during the following two days, thus adding some bearish pressure.
By mid-day, technical indicators were located in the overbought region, thus signalling to a possible price decline in the nearest time.
Despite various weekly pivot points, the daily low for the Aussie could be the 55-hour SMA near 0.7730. This level intersects with the bottom boundary of the prevailing channel up. The gradual decrease in steepness suggests that this pattern could be breached during the following two days, thus adding some bearish pressure.
Komen:
Although the US Dollar’s weakness had continued on Friday on almost all of the financial instruments that involve the US currency, the AUD/USD pair was an exception.
The Australian Dollar engaged a resistance line against the US Dollar and bounced off it. Moreover, the currency exchange rate by the middle of Friday had traded below another level of significance, which provided resistance.
However, it is unlikely that the currency pair will decline below the 0.7800 mark, as a cluster of support is located around that mark.
The Australian Dollar engaged a resistance line against the US Dollar and bounced off it. Moreover, the currency exchange rate by the middle of Friday had traded below another level of significance, which provided resistance.
However, it is unlikely that the currency pair will decline below the 0.7800 mark, as a cluster of support is located around that mark.
Komen:
The Australian Dollar continues to gradually appreciate against the US Dollar for the sixth consecutive session. This upward movement was not very distinct on Friday, as traders were reluctant to enter into massive trades during the last trading session of the year.
The Aussie re-gained momentum early in this session and was consequently trading near the 0.7825 mark by mid-day.
It seems that the bearish sentiment could allay tomorrow, as shown by daily technical indicators. Given that the 0.7790 area is supported by the 55– and 100-hour SMAs and the weekly PP, the Aussie is likely to be pressured to remain above this territory.
The Aussie re-gained momentum early in this session and was consequently trading near the 0.7825 mark by mid-day.
It seems that the bearish sentiment could allay tomorrow, as shown by daily technical indicators. Given that the 0.7790 area is supported by the 55– and 100-hour SMAs and the weekly PP, the Aussie is likely to be pressured to remain above this territory.
Similarly to yesterday, this appreciation was caused by the sluggish performance of the US Dollar which had weakened against a basket of currencies early in this session.
The Aussie, however, failed to reach the upper boundary of the prevailing ascending channel located circa 0.7840.
In general, the pair has appreciated substantially during this month. Thus, the following session might start with bears taking the upper hand and pushing the rate towards 0.7740 and subsequently even lower—down to the 200-hour SMA at 0.7695.