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Market Outlook
AUD may extend its losses over US data? - Zeal Capital Market

AUD may extend its losses over US data?

09-06-2022 03:47

“Traders pour into greenback ahead of this week’s key US data.”

Australian dollar remained pressured during Asian trading session as market focus shifts towards the greenback. Earlier, White House spokeswoman Karine Jean-Pierre commented that they are expecting elevated inflation due to ongoing supply chain issue. Her comment came in line with recent data from St. Louis Fed which suggests extended increase in overall price levels. While Reserve Bank of Australia delivered a huge rate hike as of recent, the news failed to convince buyers to continuously lend their support towards the currency.

Quick recap on AUDUSD

AUDUSD failed to extend its losses following prior rebound from low levels.

AUDUSD Weekly Technical Analysis

AUD may extend its losses over US data? - Zeal Capital Market

The pair remains traded within a descending channel as it struggles to extend prior bullish momentum past 0.7261.

AUDUSD Daily Technical Analysis

AUD may extend its losses over US data? - Zeal Capital Market

From daily perspective, the pair was rejected at 0.7261 which coincides with 200-MA line.

Trading Idea

AUD may extend its losses over US data? - Zeal Capital Market

ORDER: SELL STOP

ENTRY: 0.7100

STOP LOSS: 0.7175

Target 1: 0.7015

Target 2: 0.7000

ZFX Analyst’s Comment

The pair signaled further downside as it fails to extend recovery past 0.7261, similar to prior instance during early May. We expect the pair to slump further downwards upon successful close below 0.7109.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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