The Australian dollar fluctuated in a narrow uptrend range during the Asian session to witness the bounce for the fourth session in five sessions from the lowest since March 18, 2009 against the US dollar following the developments and economic data that followed from the Australian economy and on the …
Analysis based on round-number levels, price channels and modified Elliot Waves
The overall movement is upward. The downward pattern shows weakness. A bullish divergence formed on the Awesome Oscillator, while Stochastic Oscillator shows an exit from the oversold zone.
Trading recommendations:
Buy as the 123 pattern is forming, with the …
The pair is supported amid the falling demand for defensive assets as the Fed is expected to continue reducing interest rates and bankrolling the dollar, which would stimulate the growth of demand for risk assets. In this scenario, the Japanese yen will sell off as a safe haven currency.
The …
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