AUDUSD SIGNAL : AUD/USD Forecast: Bulls are losing interest; bears ready to pounce below 0.7195
AUDUSD SIGNAL : The AUD/USD pair consolidated Friday losses at the beginning of the week, ending Monday unchanged in the 0.7210 price zone. The pair peaked at 0.7228 during London trading hours, ignoring generally encouraging Chinese data released at the beginning of the day. According to official sources, China’s economy grew 1.6% in the last quarter of 2022, following a 0.2% advance in Q3. Industrial Production was up 4.3% YoY in December, beating the 3.6% expected, while Retail Sales in the same period missed expectations, up a modest 1.7%.
Australia did not release relevant data, while the US macroeconomic calendar was empty due to a local holiday. On Tuesday, the focus will be on the Bank of Japan monetary policy decision, although it is hardly expected to move markets. Neither Australia nor China will release macroeconomic data.
AUD/USD short-term technical outlook
The AUD/USD pair hovers around the 38.2% retracement of the daily slump measured between 0.7555 and 0.6992, at 0.7205. The daily chart shows that the pair is unable to recover above a bullish 20 SMA, although it is just a few pips below it, as the 100 SMA stands directionless at around 0.7270. Technical indicators, in the meantime, remain directionless at around their midlines, reflecting easing buying interest.
The 4-hour chart shows a limited bullish potential, as the pair is developing below the flat 20 and 100 SMAs, while technical indicators remain flat within negative levels. The risk of a bearish extension will increase on a break below 0.7195, Friday’s low and the immediate support level.
Support levels: 0.7195
Resistance levels: 0.7230 0.7275 0.7315
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AUDUSD SIGNAL : AUD/USD Forecast: Bulls are losing interest; bears ready to pounce below 0.7195
AUDUSD SIGNAL : The AUD/USD pair consolidated Friday losses at the beginning of the week, ending Monday unchanged in the 0.7210 price zone. The pair peaked at 0.7228 during London trading hours, ignoring generally encouraging Chinese data released at the beginning of the day. According to official sources, China’s economy grew 1.6% in the last quarter of 2022, following a 0.2% advance in Q3. Industrial Production was up 4.3% YoY in December, beating the 3.6% expected, while Retail Sales in the same period missed expectations, up a modest 1.7%.
Australia did not release relevant data, while the US macroeconomic calendar was empty due to a local holiday. On Tuesday, the focus will be on the Bank of Japan monetary policy decision, although it is hardly expected to move markets. Neither Australia nor China will release macroeconomic data.
AUD/USD short-term technical outlook
The AUD/USD pair hovers around the 38.2% retracement of the daily slump measured between 0.7555 and 0.6992, at 0.7205. The daily chart shows that the pair is unable to recover above a bullish 20 SMA, although it is just a few pips below it, as the 100 SMA stands directionless at around 0.7270. Technical indicators, in the meantime, remain directionless at around their midlines, reflecting easing buying interest.
The 4-hour chart shows a limited bullish potential, as the pair is developing below the flat 20 and 100 SMAs, while technical indicators remain flat within negative levels. The risk of a bearish extension will increase on a break below 0.7195, Friday’s low and the immediate support level.
Support levels: 0.7195
Resistance levels: 0.7230 0.7275 0.7315
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