Technical analysis

07 December 2018

19:34 AUDUSD: The Aussie Declines Four Days in a Row

AUDUSD: The Aussie Declines Four Days in a Row 07.12.2018


The AUDUSD pair was down again on Friday and was trading 0.15 percent lower during the London session, hovering at around 0.7225.

Bears managed to push the AUDUSD pair back below the 100-day moving average and the Aussie is now testing another stronger zone at around 0.7215. If this level is taken out, further losses toward 0.7150 could occur and the trend could switch back to bearish.

The RSI uptrend line was already broken down and so was the actual price trend line, which suggests that bears might be more active.

On the upside, the resistance is seen at the 100-day moving average near 0.7240 and if not held, the Aussie might accelerate toward the broken trend line, which is currently at 0.7265.

Sentiment seems to remain negative as stocks are dropping again, which might put some bearish pressure on commodity currencies.

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07 December 2018, 19:24

NZDUSD: Kiwi Remains Above 200DMA

Market focus

  • Earnings Season in U.S.: Major Reports of the Week
  • Industrial production fell by 1.7% in the euro area (EA19) and by 1.3% in the EU28 m/m
  • China's exports and imports in December declined at the worst rates in two years
  • IMF cuts global growth outlook, cites trade war and weak Europe
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