AUD/USD: Australian Dollar Weakens
LiteForex Europe | Sep 01, 2015 07:55AM ET
This week, the volatility in the AUD/USD pair is high, the price is approaching the record lows. Despite some weakness of the USD amid the uncertainty over the US rate hike timing, the AUD gains almost no support.
On Monday, Australia released controversial statistics. In August, TD Securities Inflation slowed down from 0.2% to 0.1%, on a monthly basis. On a year-on-year basis, the inflation, on the contrary, grew from 1.6% to 1.7%. Company Gross Operating Profits index came at a very disappointing level. In the second quarter, the indicator fell by 1.9% (-1.7% forecast) against a 0.3% decline earlier.
Bollinger Bands® on the daily chart is moving downwards; the price range is widening. MACD is trying to turn upwards and keeping a sell signal. It is recommended to wait for a clearer situation.
Stochastic is near the oversold area and is growing. According to the indicator, long positions should be considered in the short run.
Support levels: 0.7128, 0.7100, 0.7069 (26 August local low), 0.7046 (24 August low), 0.7000.
Resistance levels: 0.7160, 0.7200 (near 28 August current local high), 0.7234, 0.7259, 0.7300, 0.7322, 0.7366, 0.7400, 0.7438 (11 August high), 0.7448 (21 July high).
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