Market Focus: AUDUSD
AUDUSD setting up for a push higher?
The USD has gotten off to weaker start to the week losing ground to the majors as Monday’s session has progressed. The EUR, GBP and AUD are all having stronger sessions at this point. The USD is also been losing ground to the CHF and CAD as today’s London session has progressed.
Looking at the AUDUSD chart below we can see that price has left the main trend and formed a new range between 0.7125 and .7240 with new main support being formed at .7140. This area from 0.7140 – 0.7160 is a primary area of demand for now. It continues to hold price and today, feeds the current rally. Buyers have moved above Friday’s open which is another nice sign.
Moving forward we’re looking for buyers to hold the current rally and if momentum can continue we would be looking for a further push higher to possibly get back to the 0.72 level and resistance. This really revolves abound support holding, if sellers are able to move price back below 0.7140 and close we would start to have doubts about the current push higher.
Upcoming USD news that could have an influence;
Thursday 23:10 AEST Fed Chair Powell Speaks
Friday All-day Jackson Hole Symposium, day 2 runs on Saturday.