Forex Marketz Daily Forex News – Fully Markets Update
The commodity linked Australian dollar saw a weekly recovery against the U.S. dollar fall short. The benchmark AUD/USD currency exchange rate saw gains capped by a bearish sloping twenty (20) day simple moving average (SMA).
The longer term one hundred and two hundred (100, 200) day simple moving averages are flat and not signaling price direction. The economic calendar is quiet on Monday. Australia has no economic data scheduled for release.
Overnight into Tuesday, however, the Australian central bank, the Reserve Bank of Australia (RBA) will release their monthly monetary policy meeting minutes. Australian dollar traders will be look for future monetary policy clues. Especially with scaling back monthly asset purchases. The Australian central bank will begin tapering next month.
The United States is publishing their monthly Empire State manufacturing index. The United Kingdom has economic data scheduled for release. Germany’s central bank will publish their monthly report. The euro area has a quiet economic docket on Monday.
Daily Australian Dollar Technical Analysis (AUD/USD)
Looking at the above daily AUD/USD MT 4 price action chart, the technical indicators look negative. The 14 day MACD momentum indicator continues to move lower. The 14 day relative strength index (RSI) is stable near forty.
With that said, the Australian dollar is hovering below the bearish looking 20 day simple moving average. The longer term 100 day simple moving average is crossing underneath the 200 day simple moving average near 0.76. Even with stable technical indicators, the AUD/USD Forex market is looking neutral to possible bearish.
Immediate technical support lines up at 0.7288. A daily close below immediate support opens the door for the next level of technical support at 0.7220.
The next downside barrier lines up at 0.71. On the upside, immediate technical resistance lines up at 0.7440. The next upside barrier, on a daily close above 0.7440, lines up at 0.75.
