empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

17.05.201815:45 Forex Analysis & Reviews: Fundamental Analysis of AUD/USD for May 17, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD has been quite in a corrective phase inside the range of 0.7500-50 area from where it is expected to push much lower in the coming days. Recently, AUD has been struggling amid economic reports which lead USD to gain non-volatile impulsive momentum over AUD since the price broke below 0.7750 area.

Today, Australia's Employment Change report was published with a significant increase to 22.6k from the previous figure of -0.7k which was expected to be at 19.8k, MI Inflation Expectation slightly increased to 3.7% from the previous value of 3.6%, and the Unemployment Rate unexpectedly edged up to 5.6% whereas it was expected to be unchanged at 5.5%.

On the other hand, today US Unemployment Claims report was published with an unexpected increase to 222k from the previous figure of 211k which was expected to be at 216k and Philly Fed Manufacturing Index report was published with an increase to 34.4 from the previous figure of 23.2 which was expected to decrease to 21.1. Moreover, today US CB Leading Index report is going to be published which is expected to increase to 0.4% from the previous value of 0.3% and Natural Gas Storage is also expected to rise to 105B from the previous figure of 89B.

As for the current scenario, despite the mixed economic reports from Australia with an increase in Employment Change and also increase in Unemployment Rate, AUD extended weakness against USD. US economic reports published today have been quite impressive, besides upcoming US reports are also forecasted to show positive readings that might lead to further bearish pressure in the pair. To sum up, USD is expected to have an upper hand over AUD in the coming days.

Now let us look at the technical view. The price has rejected the bulls of the dynamic level of 20 EMA whereas with confluence to horizontal and dynamic resistance further bearish pressure is expected in this pair with a target towards 0.74 support area in the coming days. As the price remains below 0.7550 with a daily close, the bearish bias is expected to continue further.

Exchange Rates 17.05.2018 analysis

InstaForex Analyst
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off