The Australian Dollar Dominates Major Peers

• 11 Jan 2018

EUR/AUD

The EUR/AUD pair has broken the 1.522 price level as well as the lower Bollinger band. RSI confirms the pair has reached oversold conditions. Looking at the current downtrend, selling pressure remains considerable which may indicate the pair has further downside.

AUD/CAD

The AUD/CAD pair is testing a market top at the 0.989 price level after having broken the 0.987 resistance line. The pair is approaching overbought conditions according to RSI however, buying activity appears to be strong. It seems unlikely that the bullish momentum will continue given the fact that so far, the pair has been unable to push beyond current levels.

AUD/USD

The AUD/USD pair has also reached a recent market top, at the 0.788 price line. The pair appears overbought, however, the trajectory of RSI indicates there is further upside. Momentum indicators suggest further weakness in the U.S. Dollar. Fundamental factors will play a role in near-term direction for the pair.

GBP/AUD

The Pound has suffered against the Australian Dollar in recent trading sessions, representing a longer-term downtrend for the GBP/AUD pair. The pair is reaching oversold conditions, as RSI approaches the 30 support level and the pair looks to test the lower Bollinger band. The next obvious price target for the bearish move is the 1.691 price level, however, it remains to be seen if buyers have the appetite to push prices lower.