AUDUSD_Technical_Fundamental_01042019Weekly
Technical
MACD is showing sprouting and confused market momentum
RSI is above 60 line, which means the market is a bit oversold.
Candles are gliding below a descending trendline.
According to fundamental factors, if they drive the price upwards, It'll cause the trend to reverse breaking the downwards channel and resistance line
otherwise, if the fundamental factors drive the price down, the price will rebound from 0.71300 level and dive towards the next support level of 0.70600 maintaining the downward momentum and might be pushed further down to 0.70000 zone.
AU DOLLAR
After the Reserve Bank of New Zealand this week signaled a rate cut could be on the cards, its Australian counterpart will be under pressure to indicate a similar shift at its policy meeting on Tuesday. However, having dropped its tightening bias only in February, it may be too soon for the RBA to take another big leap, especially as it’s clinging on to hopes that a strong labor market will steer the economy out of the soft patch.
If the RBA does not adjust its policy stance, the Australian dollar is vulnerable to upside moves following this week’s losses when it fell in sympathy with the kiwi. But the Aussie could suffer even sharper declines if the central bank does not turn more dovish.
on 3rd April, AU will publish trade balance. If it is better than expected then AUD will go up.
US DOLLAR
i. PMI - Manufacturing
ii. Retail Sales
iii . Inventory
iv. Employment/Unemployment
v. Non-Farm reports (NFP/Unemployment/Employment Change)
PMI is leading the indicator of economic health. It has a direct connection with economic condition. This composite(PMI) data is clearing the top level business institute health. If a business institute is doing well then the economic health will get better. If PMI (COMPOSITE) percentage is better than expectation, the currency will go for bullish movement. If it is not, then the currency will do the opposite.
The Retail Sales shows all goods sold by retailers based on a sampling of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence. It shows the performance of the retail sector in the short term. Generally speaking, the positive economic growth anticipates bullish movements for the currency. The release of the Retail Sales report may have an impact on dollar quotes. A slowdown in the growth of retail sales shows that consumers have reduced their spending level. This may lead to a decline in economic activity and have a negative effect on dollar quotes.
This week is going to be the influential week of the month as most of the news published are key indicators such as NFP and Non-Farm Employment and unemployment reports are going to be published and also backed by FOMC & FED speeches. As the results of the report would not only drive the market but the driving force direction will be directly dependant on previous reports and overall economic condition. For now, the fog is yet to be cleared.
MACD is showing sprouting and confused market momentum
RSI is above 60 line, which means the market is a bit oversold.
Candles are gliding below a descending trendline.
According to fundamental factors, if they drive the price upwards, It'll cause the trend to reverse breaking the downwards channel and resistance line
otherwise, if the fundamental factors drive the price down, the price will rebound from 0.71300 level and dive towards the next support level of 0.70600 maintaining the downward momentum and might be pushed further down to 0.70000 zone.
AU DOLLAR
After the Reserve Bank of New Zealand this week signaled a rate cut could be on the cards, its Australian counterpart will be under pressure to indicate a similar shift at its policy meeting on Tuesday. However, having dropped its tightening bias only in February, it may be too soon for the RBA to take another big leap, especially as it’s clinging on to hopes that a strong labor market will steer the economy out of the soft patch.
If the RBA does not adjust its policy stance, the Australian dollar is vulnerable to upside moves following this week’s losses when it fell in sympathy with the kiwi. But the Aussie could suffer even sharper declines if the central bank does not turn more dovish.
on 3rd April, AU will publish trade balance. If it is better than expected then AUD will go up.
US DOLLAR
i. PMI - Manufacturing
ii. Retail Sales
iii . Inventory
iv. Employment/Unemployment
v. Non-Farm reports (NFP/Unemployment/Employment Change)
PMI is leading the indicator of economic health. It has a direct connection with economic condition. This composite(PMI) data is clearing the top level business institute health. If a business institute is doing well then the economic health will get better. If PMI (COMPOSITE) percentage is better than expectation, the currency will go for bullish movement. If it is not, then the currency will do the opposite.
The Retail Sales shows all goods sold by retailers based on a sampling of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence. It shows the performance of the retail sector in the short term. Generally speaking, the positive economic growth anticipates bullish movements for the currency. The release of the Retail Sales report may have an impact on dollar quotes. A slowdown in the growth of retail sales shows that consumers have reduced their spending level. This may lead to a decline in economic activity and have a negative effect on dollar quotes.
This week is going to be the influential week of the month as most of the news published are key indicators such as NFP and Non-Farm Employment and unemployment reports are going to be published and also backed by FOMC & FED speeches. As the results of the report would not only drive the market but the driving force direction will be directly dependant on previous reports and overall economic condition. For now, the fog is yet to be cleared.
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