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AUD/USD forecast for January 18, 2021

Looking at the graph on the weekly time frame, we see that the AUD/USD pair encountered resistance at 0.78000 and bounced down, making a pullback looking for better support. by setting Fibonacci, we can expect the first support 0.75700 at the level of 78.6%. Moving averages are below 0.74000, and if the Australian dollar continues to be weak, we may soon see the first test with MA20. The technical bearish scenario in the week ahead is based on candlesticks, while for the bullish scenario, there are no characters on the chart.
On the daily chart, we see the current pullback caused by the stronger dollar in this period. The AUD/USD pair is currently testing the moving average MA20 (light blue line). The start of the week is bad for the Australian dollar, and the bearish scenario is possible up to 0.75000 of the bottom line of the trend, where there was a previous rejection. AUD/USD
We see that the AUD/USD pair after 0.78000 levels failed to stay at that level on the four-point time frame, making an instant pullback. Our first bearish target maybe the previous high of 0.76300. The break below pushes the AUD/USD pair to 0.75600 with a target ma moving average of MA200 (purple line). We need a break above 0.77000 with a more stable image on the chart for the bullish scenario. AUD/USD
From the news for this day, we can single out: DXY is pushing more and approaching the 91.00 marks. Broad-based prudent trading boosts demand for the dollar. U.S. markets closed on Monday due to the Martin Luther King holiday. The index is advancing for the second session in a row at the beginning of the week, always on the back of the persistently offered tone in the risk complex. AUD/USD
In fact, the mood for risk aversion remained unchanged on Monday despite the favorable results of the Chinese economy announced in early trade. These results showed that the Chinese economy increased by 2.6% in the quarter and 6.5% annually in October-December.
Further data show that industrial production in December increased by 7.3% compared to the previous year, while retail sales increased by 4.6% compared to the previous year. Risk-taking also received additional support after mixed results from a U.S. report last Friday, when retail and a flexible consumer preference meter were far from estimates.
However, the outlook for green money for the time being remains fragile amid massive monetary/fiscal stimulus in the U.S. economy, attitudes “lower for longer” than the Federal Reserve, and prospects for a strong recovery in the global economy.

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