No Result
View All Result
Markets
EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD XAU/USD
Central Banks
FED ECB BoE BoC BoJ SNB RBA RBNZ
Brokers
Wire Transfer Visa/Mastercard Paypal Fasapay Skrill Bitcoin
FCA Cysec CFTC NFA FSA
Forex Guide
Beginners Basics Technicals Fundamentals
Education
Forex Articles Forex School Forex Terms
Forex Strategies
5 Minutes 15 Minutes 30 Minutes 1 Hours 4 Hours Daily
Resources
Indicators Forex Ebooks MT4 MT5
Trading Tools
Live Charts Economic Calendar Fibonacci Calc Pivot Points
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
  • Login
  • Deposit Bonuses
  • No-Deposit Bonuses
  • Demo Contest
  • Live Contest
  • Brokers News
  • Brokers
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
  • Brokers
  • Tools
  Latest
Make Money in Forex by Avoiding These Psychological Risks May 24, 2022
Next
Prev

Laggard AUD waiting for job numbers

News Feed by News Feed
May 19, 2021
in Analysis, Forex News
Reading Time: 2 mins read

The aussie has been a laggard amongst the other commod-$ currencies (CAD,NZD)recently with central bank divergence playing a key roll after the RBA confirmed once more it is in no hurry to withdraw stimulus. This is in stark contrast to the Bank of Canada especially, who have started on the path to policy normalisation. Commodity price swings have also played a big part in the aussie’s (under)performance in the past week, with the China-led selloff in iron ore limiting any upside.

Domestic data is getting an increasing focus as the RBA gets closer to deciding if it will roll and extend its bond buying target to the end of 2024, so tomorrow’s jobs report for April will be closely scrutinised. The March employment gain of 70.7k pushed the unemployment rate down to 5.6% from 5.8%, even though participation rose to a record high. A slower pace of 20k jobs gains is expected this time with unemployment stalling at 5.6%, but any meaningful miss in the headline will attract more AUD sellers. The issue for those hoping AUD can appreciate is that even a solid beat may prove uninspiring as the RBA isn’t turning hawkish any time soon, especially with subdued inflation.

AUD/USD bulls struggling to push on

Technically, AUD/USD has been in a 76-78 range more or less the whole year and the pair has laboured anywhere above 78, with even the February move up to near 80 only lasting a handful of days. Thoroughly uninspiring when commodities have been on a tear. But with the RBA being ultra-patient, at least the upward trendline from this time last year is supporting prices as well as the 50-day SMA. If we drop below 77 then the bottom of the range below 76 comes into view quickly. For longer-term traders, the right shoulder of a head and shoulders reversal pattern looks to be forming on the weekly chart if we do breakdown and the upside currently looks capped by the 100-month SMA on the monthly chart.

AUD/CAD more interesting and at key support

A more exciting pair and one showing the contrast in performance is AUD/CAD. We made new cycle lows today which puts more downside in play after recent consolidation. The selloff in oil is hampering CAD today but prices are towards the lower end of the bearish channel and trend signals are set up for the pair to move lower targeting the mid-0.92s October lows if the bears can close below near-term support at 0.9338. Resistance above is at last week’s high at 0.9431.


Source

Tags: AUD/CADAUD/USDMoneta Markets
ShareTweetShareSendShareSend

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest

Forex Psychological Risks

Make Money in Forex by Avoiding These Psychological Risks

JOANA N - MAY 24 | Psychology

Differences between the Foreign Exchange Market and Stock Market

DAVID G - May 23 | BASIC

Why Leverage is Important for Forex Traders?

Joana N - May 23 | Basic

How To Install Metatrader 5 Custom Indicators

MIRA TEAM - May 9 | Basic

Gross Domestic Product, First Quarter 2022

APR 28, 2022 | USD

The pound reacts to rising inflation like EM currency

Apr 13, 2022 | GBP/USD
Advertisement
  • About
  • Advertising
  • Disclaimer
  • Contact
  • Privacy Policy
  • Terms & Conditions
Risk Warning: All information on this website, including any opinions, articles, charts, prices, news, data, Buy/Sell signals, reviews, research and analysis is provided as general market commentary and does not constitute any investment advice. Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite. Do not invest more money than you can afford to lose. Note that the high level of leverage in forex trading may work against you as well as for you. Please seek advice of an independent financial advisor if you are not fully aware about the risks associated with foreign exchange trading. Forex trading on margin involves considerable exposure to high risk, and may not be suitable for all investors. Mira FX does not endorse any companies, products or services which are represented on Mira-FX.com The information on this website is subject to change without notice.
No Result
View All Result
  • About
  • Advertising
  • Central Banks
  • Contact
  • Disclaimer
  • Forex Brokers
    • Regulator
  • Index
    • Daily Forex Strategy
    • Forex Ebooks | Language: English
    • H1 Forex Strategy
    • H4 Forex Strategy
    • M15 Forex Strategy
    • M30 Forex Strategy
    • M5 Forex Strategy
  • Markets
    • EUR/JPY
  • Mira FX
  • Privacy Policy
  • Terms & Conditions
  • Tools
    • Economic Calendar
    • Fibonacci Retracement Calculator
    • Live Charts
    • Pivot Point Calculator

© 2022 Mira FX | Copying of materials is allowed only with the presence of an active link to a source page.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In