empty
 
 
22.06.2018 12:17 PM
Fundamental Analysis of AUD/USD for June 22, 2018

AUD/USD has been quite impulsive with the bullish gains today which lead the price to bounce off the 0.74 area and pushed towards 0.7500-50 area. Despite having no impactful economic reports on AUD side, the weakness of USD for the recently published worse reports is stated as a culprit for the current scenario.

AUD has been quite indecisive with the recent economic reports and events which lead the currency to get dominated by the USD earlier. But due to worse economic reports of USD published yesterday, AUD gained impulsive momentum today which is expected to persist further in the coming days.

On the USD side, today USD Flash Manufacturing PMI report is going to be published which is expected to decrease to 56.3 from the previous figure of 56.4 and Flash Services PMI report is expected to decrease to 56.4 from the previous figure of 56.8.

As of the current scenario, if the USD economic forecasts turn out to be actual or worse than that, AUD is expected to gain further momentum over USD in the coming days. Though such bullish momentum is currently summed up as certain retracement in the pair whereas the bearish trend is still quite strong. To sum up, AUD is expected to gain short to medium-term momentum over USD for the coming days.

Now let us look at the technical view. The price is currently impulsive with the bullish pressure which is expected to push higher towards 0.7500-50 area in the coming days. As the price reach the 0.7500-50 area, certain confluence can be observed from the dynamic level of 20 EMA which might lead to a continuation of further bearish pressure in the pair for the future. As the price remains below 0.7750 with a daily close, the bearish bias is expected to continue further.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback