AUDUSD forex trading 24-08-2018

New Australian leadership gives Jump to AUD/USD

AUD/USD Price Action for Today

Australia NEWS: Aussie lifted by Australian new administration, rises a fourth of a penny.

In any case, upside stays topped by 0.73 handles in the midst of US-China exchange contacts.

The AUD/USD match broke its bearish solidification to the upside in the Asian exchanges this Friday, after the Australian dollar got a new offer wave following the news that the Australian Treasurer Morrison is won a three-route fight to end up the new Australian Prime Minister (PM).

The Aussie bounced more than 50-pips on the news, as the Australian money related markets see Morrison as the best result. Sky News announced that Morrison vanquished Dutton 45-40, a little edge than Turnbull-Dutton prior in the week (48-35).

Be that as it may, the bulls rapidly lost ground in the midst of progressing US-China exchange spat, leaving the match in a consolidative mode around 0.7275 levels. The most recent US taxes to gather 25% obligations on China’s imports kicked-in on Thursday. Be that as it may, the Chinese Commerce Ministry noted before today that the two sides had a valuable and genuine trade over exchange issues.

In the day ahead, business sectors will keep on digesting the new Australian authority news while the US solid merchandise information and Fed Chair Powell’s discourse could offer crisp exchanging driving force.

Technical Analysis and Price Action for AUD/USD

AUD_USD 24-08-2018

AUD/USD got an offer after Scott Morrison won the initiative vote to end up the new Australian Prime Minister.

The help rally has neglected to take out the 200-hour moving normal (MA) obstacle of 0.7290, by the by, it has killed the prompt bearish viewpoint.

A persuading break over 0.73 would affirm bull inversion, while a move beneath the session low of 0.7238 would flag bear recovery.

AUD/USD Rate: 0.7277

Daily High: 0.7290

Daily Low: 0.7238

Trend: Neutral

 

AUD/USD Resistance for Today

R1: 0.7290 (10-day moving average)

R2: 0.7316 (5-day moving average)

R3: 0.7355 (previous day’s high)

AUD/USD Support for Today

S1: 0.7238 (session low)

S2: 0.7202 (Aug. 15 low)

S3: 0.7184 (61.8% Fib R of 2011 low/2011 high)