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Fundamental analysis

AUDUSD Continues Bearish Following Trade War Fears

GKFX | Dec. 11, 2018
AUDUSD Continues Bearish Following Trade War Fears

December 11, GKFX – AUDUSD continues to skid across the rails at the key 0.7200 handle, constrained by the 50-day simple moving average on the charts while broader market sentiment sees the Aussie as the popular victim of choice to sell when US-China trade tensions make themselves visible.

Fundamental Highlights

Australian domestic economic data continues to disappoint across the board, and the Reserve Bank of Australia's (RBA) rising concerns with the wobbly Aussie housing market are proving to be well-founded after Tuesday's Housing Price miss, steepening a contraction from the previous quarter's -0.7% and slipping to -2.5% heading into the year's end.

With Australia's domestic engine closely tied to China's demand for goods, the US-China trade war also poses a significant risk, and steadily-deflating trade balance, import, and export datasets from China are cause for fear for Aussie traders as well, as a contracting Chinese economy threatens to topple Australia's already-weak growth figures. 

Data for the rest of this week remains thin except for a mid-tier RBA Bulletin due early on Thursday, but with trade war headlines once again making their way across the wires on a daily basis, the AUD can be expected to continue facing bearish headwinds for the immediate future, unless a broadbase correction in the greenback sees the Aussie pick up some charity-bidding in the larger FX space.

AUDUSD Technical Outlook

    Today Last Price: 0.72

    Today Daily change: 14 pips

    Today Daily change %: 0.195%

    Today Daily Open: 0.7186

Trends:

    Previous Daily SMA20: 0.7265

    Previous Daily SMA50: 0.7184

    Previous Daily SMA100: 0.7235

    Previous Daily SMA200: 0.7407

Levels:

    Previous Daily High: 0.7227

    Previous Daily Low: 0.7174

    Previous Weekly High: 0.7394

    Previous Weekly Low: 0.7192

    Previous Monthly High: 0.7345

    Previous Monthly Low: 0.7072

    Previous Daily Fibonacci 38.2%: 0.7207

    Previous Daily Fibonacci 61.8%: 0.7194

    Previous Daily Pivot Point S1: 0.7164

    Previous Daily Pivot Point S2: 0.7143

    Previous Daily Pivot Point S3: 0.7112

    Previous Daily Pivot Point R1: 0.7217

    Previous Daily Pivot Point R2: 0.7249

    Previous Daily Pivot Point R3: 0.727

Disclaimer

This article was provided by GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.