Forex Marketz Daily Forex News – Fully Markets Update
The sentiment and commodity linked Australian dollar is climbing higher against the U.S. dollar as we enter Friday’s trade session. The headline AUD/USD currency exchange rate is currently seeing some resistance at the one hundred (100) day simple moving average.
This Forex market is also above the fifty (50) day simple moving average and below the 200 day simple moving average. The greenback is seeing broad weakness in the Forex universe as U.S. Treasury yields are falling. The benchmark 10 year Treasury note is down three basis points.
Today, the United States will publish monthly core and headline retail sales data. The monthly Empire State manufacturing index will be published and the University of Michigan will release their monthly consumer sentiment index. The U.S. will also release weekly Baker Hughes crude oil data and monthly business inventory levels and export numbers.
Australia and the United Kingdom do not have any top tier economic data scheduled for release on Friday. France and Italy are publishing monthly consumer price index (CPI) data and the Eurozone will release monthly trade balance numbers.
Daily Australian Dollar Technical Analysis (AUD/USD)
Looking at the above daily MT 4 price action chart, the 14 day relative strength (index) is trending higher and above 60 while below 70. The Australian dollar is below the 200 day simple moving average, as mentioned above.
The 50 day simple moving average is below where the AUD/USD Forex market is trading and a daily close above the 100 day simple moving average could bring further gains.
If above the 100 day simple moving average, the first upside barrier for the Australian dollar lines up at the 3 September high price point at 0.7477. The next layer of resistance lines up at 0.75 followed by the 200 day simple moving average around 0.7568/7.
If the 100 day simple moving average holds, immediate support lines up at the 13 October low price point at 0.7321. The 50 day simple moving average lines up around 0.7305 with the 6 October low price level at 0.7225 then coming into focus.
