Forex Marketz Daily Forex News – Fully Markets Update
The Australian dollar is gained ground against the U.S. dollar for two days in a row. The commodity linked AUD/USD currency exchange rate is looking to challenge the key upside barrier at 0.7550 as this Forex market has moved above 0.7540.
On the economic calendar, Tuesday night into Wednesday, for the Asian and Pacific Rim, AIG will publish the Australian services index and Japan will publish their monthly leading indicators.
For Tuesday, the United States will release their monthly final services purchasing managers’ index. The ZEW economic research institute will publish monthly economic sentiment surveys for the European Union’s largest economy, Germany, as well as the euro area. The European Union will also release monthly retail sales data. Germany will release their monthly factory orders.
Daily Australian Dollar Technical Analysis (AUD/USD)
Looking at the above daily AUD/USD MT 4 price action chart, the 14 day MACD histogram looks oversold which is potentially a good sign for Australian dollar traders. With, that said, the AUD/USD currency exchange rate, last week, came under selling pressure at 0.7603 and fell to 0.7460.
This Forex market then recovered some losses and is looking to extend gains. A daily close above 0.7550 will challenge the two hundred day simple moving average (SMA) in play at 0.7575. The next layer of technical resistance lines up at the round number of 0.76.
A sustained close above 0.76, which is a key psychological level, should open the door to challenge the next layer of technical resistance in play at 0.7650.
On the downside, the AUD/USD Forex market has a downside barrier at the key round number of 0.75. A sustained close below 0.75 opens the door to challenge the 1 July low price point lining up at 0.7460. The next downside barrier lines up at the 12 December 2020 price level that comes into play at 0.7425.
