fundamental News - AUD/USD

The Australian dollar remains on the back foot against its American rival, with AUD/USD trading near its daily low heading into the Asian opening. The pair peaked at 0.7172 on Wednesday, shedding ground during US trading hours, as US equities retreated from their intraday highs although holding on to gains.


Australian data was encouraging, as the Q3 Gross Domestic Product printed at -1.9% QoQ, better than the -2.7% expected. The October AIG Performance of Manufacturing Index improved to 54.8 in October from 50.4 in the previous month, while the November Commonwealth Bank Manufacturing PMI improved to 59.2 from 58.2. The country will publish the October Trade Balance during the upcoming Asian session.

Technical analysis
The AUD/USD pair hovers around 0.7110 and the daily chart shows that the pair remains below all of its moving averages, with the 20 SMA maintaining its firmly bearish slope below the longer ones. The RSI indicator remains flat at around 28, while the Momentum indicator advanced within negative levels, somehow hinting at a possible bullish correction without confirming it.

The 4-hour chart shows that the pair seesaws around a now flat 20 SMA, while the longer ones head lower well above the current level. In the same chart, technical indicators stand directionless just below their midlines, skewing the risk to the downside. A break below the 0.7000 should confirm a new leg south, while approaches to the 0.7200 region will likely attract selling interest.

expectation today: nuetral



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