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31 Aug 2015
AUD/USD in a sideways chop below bearish gap
FXStreet (Guatemala) - AUD/USD was continuing to recover from the lows of the start of the month's opening business.
The pair dropped in a bearish gap in thin trade and continued to drift lower and sideways on the consolidation. TD Securities inflation data was positive for the Aussie, but New Home Sales for July was poor at -0.4% vs 5% previous.
There was a bit of dollar weakness coming through after a positive start from the greenback for the month, but AUD/NZD was a key driver for AUD/USD as it rallied 70 pips on the back of ANZ's Business Confidence for Aug.
We then had Private Sector Credit for Australia at 0.6% vs 0.55 expected M/M at the same time that the Shanghai Comp opened -1.7% and the Hang Seng up 0.3%. The Dow futures are down 170 points on the back of Fed fisher suggesting that there is still a possibility on September rates in the US that is subsequently bullish for the greenback. This week will be data dependant for the pair with the RBA decision tomorrow and Nonfarm Payrolls at the end of the week.
AUD/USD remains bearish below 0.7396 50 DMA==<==/strong>
Technically, hourly MACD is turning negative with the 50 DMA acting as resistance a 0.7152. Rallies on AUD/USD could struggle on the 0.72 handle ahead of R2 and R3 (0.7250/0.7301). The pair has a bearish bias while changing hands below 0.7448 July 21 high and the 50 DMA at 0.7396.
The pair dropped in a bearish gap in thin trade and continued to drift lower and sideways on the consolidation. TD Securities inflation data was positive for the Aussie, but New Home Sales for July was poor at -0.4% vs 5% previous.
There was a bit of dollar weakness coming through after a positive start from the greenback for the month, but AUD/NZD was a key driver for AUD/USD as it rallied 70 pips on the back of ANZ's Business Confidence for Aug.
We then had Private Sector Credit for Australia at 0.6% vs 0.55 expected M/M at the same time that the Shanghai Comp opened -1.7% and the Hang Seng up 0.3%. The Dow futures are down 170 points on the back of Fed fisher suggesting that there is still a possibility on September rates in the US that is subsequently bullish for the greenback. This week will be data dependant for the pair with the RBA decision tomorrow and Nonfarm Payrolls at the end of the week.
AUD/USD remains bearish below 0.7396 50 DMA==<==/strong>
Technically, hourly MACD is turning negative with the 50 DMA acting as resistance a 0.7152. Rallies on AUD/USD could struggle on the 0.72 handle ahead of R2 and R3 (0.7250/0.7301). The pair has a bearish bias while changing hands below 0.7448 July 21 high and the 50 DMA at 0.7396.