News and Market Analysis

Todays Directional Views: AUD Takes a Tumble
by

And the Bears have it as AUD corrects

What currencies moving?

AUD takes a tumble. Will Building Permits MOM results help the AUD? Here are some of today’s directional views in currencies, crypto and Gold from the global research desks of Trading Central! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Subscribe to receive our daily newsletter.

Traders nervous as the RBA alludes to interest rate hikes in coming months. However, interest rates have remained on hold for the time being as the federal elections draw near. Once the election has passed you can expect the Reserve Bank to rise interest rates rather quickly as the Australian economy recovers well from the pandemic pain. Rates are expected to rise to 2.00% by the end of 2022.

After the close of Wall Street, WTI Crude Future (MAY 22) was down $4.9 to $97.03. The contract was below its 20D MA (@ $104.19) and below its 50D MA (@ $97.47). The US Department of Energy reported that, for the week ended 1 April, crude oil inventories increased 2421k barrels compared to the previous week.

Gold was about flat to $1925.1. The precious metal was below its 20D MA (@ $1939) and above its 50D MA (@ $1904).

Copper Future (MAY 22) on Comex was down 8.3c to 471.25c/lb. The contract was above its 20D MA (@ 469.6c) and above its 50D MA (@ 460.26c).

Market Wrap: FOREX

The U.S. dollar climbed 0.15pt to 99.622.

EUR/USD rose 7pips to 1.0898. In Europe, the eurozone’s producer prices index was up 1.1% month over month in February, vs 1.5% expected. Also, Germany’s factory orders dropped 2.2% on month in February, vs -0.5% expected.

GBP/USD slid 3pips to 1.3071. In the U.K., March’s S&P Global construction purchasing managers index was released at 59.1, vs 58.5 expected.

AUD/USD declined 69pips to 0.751.

USD/JPY gained 18pips to 123.78.

USD/CHF increased 34pips to 0.933 and USD/CAD added 53pips to 1.254.

Bitcoin traded lower to $43863 while Ethereum decreased to $3209.


Bitcoin / Dollar intraday: the downside prevails as long as 44770 is resistance
Our pivot point is at 44770.
Our preference:
The downside prevails as long as 44770 is resistance.
Alternative scenario:
Above 44770, look for 46070 and 46840.
Comment:
The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 44266 and 44993).

Ether / Dollar intraday: rebound towards 3408
3126 is our pivot point.
Our preference:
Rebound towards 3408
Alternative scenario:
Below 3126, expect 3025 and 2966.
Comment:
The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3260 and 3332).

NZD/USD intraday: the downside prevails as long as 0.6939 is resistance
Our pivot point is at 0.6939.
Our preference:
The downside prevails as long as 0.6939 is resistance.
Alternative scenario:
The upside breakout of 0.6939, would call for 0.6968 and 0.6985.
Comment:
The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.6932 and 0.6940).

For our views on other major currencies, indices, metals and more fund a live account Today.

Check out our mobile app Here