- Analytics
- News and Tools
- Market News
- AUD/USD finds a little sparkle as downside momentum contracts – DBS Bank
AUD/USD finds a little sparkle as downside momentum contracts – DBS Bank
AUD/USD is edging lower. According to Benjamin Wong, Strategist at DBS Bank, there are two key points to observe. If the pair takes out 0.7053, the ramifications are clear for a prolonged topping out process. Otherwise, a little sparkle within a lower range hem is expected.
AUD’s downside momentum is losing steam
“There are mixed signals on the weekly chart. If you take the guidance of AUD seeing a bearish divergence, the aussie is donning a garden variety correction after posting a 45.3% rally from the covid 0.5510 lows. However, the MACD signal is (marginally) not in sync. However, the multi-month trend support that supported recent prior lows at 0.7106 and 0.7170 is being given a test or two.”
“The trend line warrants attention, and as a guide, a sustained decline under 0.7106 is something to watch out for the next price pivot at 0.7053.”
“The navigation map shows AUD/USD is edging towards near-term oversold pasture as downside momentum contracts. But there are bridges to cross if the aussie wishes to move higher. This starts with the 55-DMA positioned at 0.7357, followed by kijun resistance pegged at 0.7388.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
