• FxWirePro: AUD/USD edges higher to test 0.72 handle, Aussie buoyed on renewed US-China trade optimism

    ソース: FxWire Pro - Technicals / 10 1 2019 23:26:16   America/New_York

    AUD/USD chart on Trading View used for analysis

    • AUD/USD grinds higher to test 0.72 handle as the Australian dollar remains buoyed on renewed US-China trade optimism.
    • The US Treasury Secretary Steven Mnuchin told reporters that Chinese Vice Premier Liu will most likely visit the US later this month for higher-level trade negotiations.
    • AUD/USD is trading 0.24% higher on the day at 0400 GMT. Intraday bias higher.
    • Momentum studies ar bullish, but daily cloud is capping upside. Break above cloud base could see further gains.
    • Scope then for test of 0.7335 (converged 200-DMA and trendline resistance). 
    • Rejection at cloud with break below 21-EMA support could see resumption of weakness.
    • Focus on US inflation data due later today for further impetus. Analysts expect headline and core CPI to be unchanged. 
    • Stable inflation is likely to support new Fed rate caution, lowering the odds for a first half  rate hike, weighing on the dollar and adding upside support to the major.

    Support levels - 0.7169 (5-DMA), 0.7133 (21-EMA)

    Resistance levels - 0.7207 (cloud base), 0.7335 (converged 200-DMA and trendline resistance)

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex