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Technical analysis

Australian Dollar Jumps Higher Above 0.7300

OctaFx | Nov. 9, 2018
Australian Dollar Jumps Higher Above 0.7300

The Australian dollar moved sharply higher against the greenback this week, as a mixture of positive Chinese data and US dollar weakness boosted the Aussie above the 0.7300 level.

November 9, OctaFX  The Chinese economy posted much better than expected trade data, bolstering the AUDUSD pair as fears over a slowdown in the world’s second-largest economy subsided.

The Reserve Bank of Australia kept rates on hold at 1.50 per cent as widely expected this week as household spending remained low, keeping the outlook for the Australian economy uncertain.

AUDUSD Technical Analysis

  • The AUDUSD pair is bullish while trading above the 0.7238 level, key resistance is found at the 0.7340 and 0.7380 levels.
  • If the AUDUSD pair trades below the 0.7238 level, further losses towards the 0.7180 and 0.7150 support levels remains possible.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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.