Data released this evening for Australia shows a considerable drop in Home Loans and Trade Balance as shown on the graphs below (provided courtesy of www.forexfactory.com).
The Daily chart below of the AUD/USD forex pair shows that price is currently sitting on its 50 sma (red). It has been rejected after several recent attempts to move higher just below the 200 sma (pink). Price is trading in between the +1 deviation level and "mean" of the shorter downtrending regression channel, and in between the "mean" and -1 deviation level of the longer uptrending regression channel. A failure to hold above the 50 sma and the 1.00 "mean" level could send price down to around 0.97, which is a confluence of the -1 deviation level of both channels...a fairly major support level for this timeframe.
The 4-Hour chart below of the AUD/USD shows a confluence of immediate overhead Fibonacci and price resistance at 1.02 and a confluence of immediate Fibonacci and price support at 1.01...a break and hold above could send price up to retest near-term major resistance at 1.03 on this timeframe...near-term support levels on this timeframe are 1.00, 0.99, and 0.97.
Whether the lower-than-forecast Trade Balance figure is already priced into the Aussie $ could determine which way price breaks...will see if this was a surprise or not. At the moment, most Commodities in my watchlist are down as I'm writing this...and could point to a lower price for the Aussie $ tomorrow.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC VENTS...
* Wed. Aug. 21 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Aug. 22-24 ~ Annual Jackson Hole Symposium
* Wed. Sept. 4 @ 2:00 pm ET ~ Beige Book Report
* Fri. Sept. 6 @ 8:30 am ET ~ Employment Data
* Thurs. Sept. 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. Sept. 13 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. Sept. 18 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...