AUDUSD uptrend prevails

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By :  ,  Financial Analyst
The US Dollar was under pressure against all of its major pairs on Wednesday with the exception of the JPY. On the US economic data front, the Mortgage Bankers Association's Mortgage Applications rose 2.9% for the week ending September 4th, compared to -2.0% in the prior week. US Job Openings increased to 6.618 million on month in July (6.000 million expected), from a revised 6.001 million in June.    

On Thursday, the Producer Price Index Final Demand for August is expected to rise 0.2% on month, compared to +0.6% in July. Initial Jobless Claims for the week ending September 5th are expected to decline to 850K, from 881K in the week before. Continuing Claims for the week ending August 29th are anticipated to fall to 12,904K, from 13,254K a week earlier. Finally, Wholesale Inventories for the July final reading are expected to remain at -0.1% on month, in line with the July preliminary reading.   

The Euro was bearish against most of its major pairs with the exception of the GBP, JPY and USD. In Europe, no major economic data was released.

The Australian dollar was higher against all of its major pairs making the AUD/USD one of the top performers in Wednesday's trading after gaining 60 pips amid the dollar index dropping 0.17 points to 93.275 ending its 6 day win streak. On a long term Weekly chart, the AUD/USD broke above a long term declining trend line in place since 2014. Even with recent USD strength, the upside prevails above 0.6985 support. We anticipate the upside momentum to continue towards 2018 highs around the 0.813 level unless support is broken. 

Source: GAIN Capital, TradingView

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