Can the AUDUSD continue to rise
AUD/USD is using its 20-day simple moving average as support.
Share this:
The US Dollar was bullish against all of its major pairs on Monday. On the US economic data front, no major economic data was released.
On Tuesday, GDP for the third quarter third reading is expected to remain at +33.1% on quarter, in line with the third quarter second reading. The Conference Board's Consumer Confidence Index for December is expected to rise to 97.0 on month, from 96.1 in November. Finally, Existing Homes Sales for November are expected to fall to 6.70 million on month, from 6.85 million in October.
The Euro was bullish against most of its major pairs with the exception of the JPY and USD. In Europe, the European Commission has posted preliminary readings of December Consumer Confidence Index at -13.9 (vs -17.3 expected).
The Australian dollar was bearish against most of its major pairs with the exception of the CAD and GBP.
Technically speaking, on a daily chart, the AUD/USD began a short-term downtrend on Monday after the pair dropped below Friday’s low. It appears that the pair used the 20-day simple moving average (SMA) as support. If the intermediate-term uptrend can continue then the next major targets are 0.7675 and 0.7810. If the pair retreats further, then speculators should look to the 20-day SMA for further support. If price fails to hold above the 20-day SMA, then the next support level would be 0.7415.
Source: GAIN Capital, TradingView
On Tuesday, GDP for the third quarter third reading is expected to remain at +33.1% on quarter, in line with the third quarter second reading. The Conference Board's Consumer Confidence Index for December is expected to rise to 97.0 on month, from 96.1 in November. Finally, Existing Homes Sales for November are expected to fall to 6.70 million on month, from 6.85 million in October.
The Euro was bullish against most of its major pairs with the exception of the JPY and USD. In Europe, the European Commission has posted preliminary readings of December Consumer Confidence Index at -13.9 (vs -17.3 expected).
The Australian dollar was bearish against most of its major pairs with the exception of the CAD and GBP.
Technically speaking, on a daily chart, the AUD/USD began a short-term downtrend on Monday after the pair dropped below Friday’s low. It appears that the pair used the 20-day simple moving average (SMA) as support. If the intermediate-term uptrend can continue then the next major targets are 0.7675 and 0.7810. If the pair retreats further, then speculators should look to the 20-day SMA for further support. If price fails to hold above the 20-day SMA, then the next support level would be 0.7415.
Source: GAIN Capital, TradingView
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Japanese Yen Forecast: USD/JPY 4% Rally Challenges Post-Intervention Downtrend 9 24 2026
USD/JPY momentum has shifted sharply higher, putting a major resistance confluence in focus as U.S. and Japanese event risk builds.
Oil Quietly Hands the Fed a Reason to Stay Hawkish
Oil prices and the U.S. dollar are both on the front foot as elevated energy costs feed Fed warnings that inflation may prove sticky.
GBP/USD, DJIA Outlook: Support Levels Meet Oversold Risks
GBP/USD and the Dow test key support levels as rising Treasury yields, Fed rate-hike expectations and oversold momentum increase reversal risks.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.