Forex Marketz Daily Forex News – Fully Markets Update
Looking at the sentiment and commodity linked Australian dollar, this currency seems to be brushing off the current strength of the almighty U.S. dollar. With that said, looking at the AUD/USD currency exchange rate price action, on the above weekly MT 4 price chart remains constructive.
The Australian dollar remains looking strong and trading above a bullish short-term twenty day simple moving average. The twenty day simple moving average is advancing above the one hundred and two hundred (100, 200) day simple moving averages. However, technical indicators are beginning to move lower but remain above their midlines.
The economic calendar on Monday is a bit light. Federal Reserve Board Chair Jerome Powell is speaking as well as several other Federal Reserve monetary policy makers. Australia is no releasing economic data. Forex traders who trade the Australian dollar will be reacting to the heated and tense exchange between China and the United States. President Joe Biden’s team did not seem confident or prepared.
Forex traders will also be reacting to ongoing coronavirus vaccinations. The United Kingdom, due to supply issues has to slow their campaign down.
Daily Australian Dollar Technical Analysis (AUD/USD)
Looking at price action, the AUD/USD Forex market is slowing losing bullish momentum. While still above the 20 day simple moving average, other technical indicators are pointing, or starting to signal overbought conditions.
Right now, price action is consolidating and looking neutral as the week kicks off. The AUD/USD is still above the 20 day simple moving average but the MACD momentum indicator is turning lower but neutral. The relative strength index (RSI) is also ticking lower.
There is initial support lining up at 0.7690 with the next downside barrier lining up at 0.7620. Key support is in play at 0.7563. On the upside, technical resistance lines up at 0.7770 with the next upside barrier lining up at 0.7820. The next level of technical resistance lines up at 0.79.
