AUDUSD knocked off despite positive data from the region.
“AUDUSD punished as market sentiment is geared towards the greenback following Fed’s policy meeting.”
Australian dollar suffered losses despite slight improvement in both manufacturing and services sector. For the past week, greenback garnered higher bids across the board as the market expects more interest rates hike from the Federal Reserve. Nonetheless, investors will place their focus upon upcoming data from the US that may create some noise in the short-term.
Quick recap on AUDUSD
From an overview, the pair continues to trade in a downward fashion despite several bullish attempts.
AUDUSD Weekly Technical Analysis
From weekly perspective, the pair tumbled significantly, with current state of the pair hanging on a thin thread.
AUDUSD Daily Technical Analysis
Diving into daily perspective, recent price action shows bulls attempt to defend its position near 0.600 (psychological level).
Trading Idea
ORDER: BUY LIMIT
ENTRY: 0.6580
STOP LOSS: 0.6500
Target 1: 0.6670
Target 2: 0.6800
ZFX Analyst’s Comment
Placing assumption based on previous price action and recent challenge at the bottom level, we expect the bulls to stage its comeback in short to mid-term.
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