AUDUSD uptrend prevails

The pair remains bullish amid recent USD strength: Chart

Australia

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

Happy Trading

More from Forex

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.