The Australian dollar initially tried to rally during the trading session on Wednesday but gave back the gains to show signs of weakness again. In fact, we broke down below the bottom of the previous hammer.
It looks as if momentum has shifted in favor of the Aussie and Kiwi amid fears over the strength of the U.S. economy.
Trader reaction to .7099 will likely determine the direction of the AUD/USD early Wednesday.
The Australian dollar has pulled back a bit during the trading session on Tuesday as we continue to see a lot of noise just above.
The Australian dollar has rallied significantly during the trading session on Monday, showing signs of life again. However, we are still sitting below significant resistance.
Trader reaction to the 50% level at .7047 is likely to determine the direction of the AUD/USD early Monday.
While it’s a quieter week ahead on the economic calendar, private sector PMIs will give the markets some idea of how the global economy is fairing.
The Australian dollar has rallied significantly during the week, breaking above the 0.70 level. However, we are still very much in a downtrend.
The Australian dollar initially fell during trading on Friday, to test the 0.70 level. This is an area that of course is a large, round, psychologically significant figure, so therefore it is worth noting that the area held.
Trader reaction to .7048 will likely determine the direction of the AUD/USD on Friday.