Australian Dollar Suffers Despite Positive CPI data

• 24 Apr 2018

AUD/USD

The AUD/USD pair has broken the lower Bollinger band as the US Dollar dominates price action for the pair. RSI confirms the pair has reached an oversold position, however, has stalled at the 30 support level. The current candle and its closing position will likely be indicative of future price action for the pair.

AUD/NZD

The AUD/NZD pair has broken the upper Bollinger band yet bullish sentiment doesn’t seem to be waning. Momentum indicators have a sharp upward trajectory and MACD is undergoing a rapid momentum reversal. The next price target for buyers is likely to be the 1.073 price level.

EUR/AUD

The Euro continues to make gains over the AUD albeit at a slightly slower pace in recent trading. There is further upside potential according to momentum indicators. The pair is however, reaching a previous market top at the 1.614 price level which is situated near the upper Bollinger band line, indicating that the current bullish bias may be short-lived.

AUD/CHF

The AUD/CHF pair is testing the 20- day EMA to the downside as volume begins to fade after the recent bull run, suggesting buyers are now moving out of positions. Momentum indicators confirm the bearish bias as MACD is undergoing a bearish reversal.