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Mixed US Dollar up to now

Market Analysis

AUDUSD, H1

Today the US dollar has traded mixed, tracking firmer against a generally weak euro, rising and the declining against the yen, and losing ground to sterling and the Australian dollar. The yen had weakened in Asia following remarks by Trump on trade, and remarks by BoJ governor Kuroda, who reaffirmed that there remains some distance to go before the 2% inflation target is achieved. Trump spoke of eliminating “our chronic trade imbalances and deficits with Japan.”

On Aussie rally against US dollar today, AUDUSD reach 0.7665. However, this day rally seems to run out of steam on US Market open. In the hourly chart, the pair after making the high of the day, it reverse lower, down to 20-period MA, breaking the trend-line seen  since morning. Meanwhile stochastic has turned downwards, while Parabolic SAR remain negative since early Friday. Therefore a Short position was taken, with entry at 0.7658.  Target 1 was set at 0.7635  in a hourly time frame. Support at 0.7686.

A Daily target was also set at 0.7605 since this weakness complies with higher timeframes such as 4-hour and Daily ones. Support was set at 0.7700. In the Daily timeframe , the AUDUSD seems to be in a Downtrend since August peak, with some corrections occurred during October. However the pair continues forming lower lows since then. Nevertheless, the particular pair is still moving today below 200-Day MA after breaking that on Friday’s U.S. October jobs report announcement. Only a break above 200-DAy Ma could indicate some strength on Aussie.

 

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Andria Pichidi

Market Analyst

HotForex

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