The Australian Dollar Weakens Despite Positive PPI Data

• 2 Feb 2018

EUR/AUD

The EUR/AUD pair is approaching the 1.567 price level which represents a near-term resistance line. Although the pair is reaching overbought conditions according to RSI, moving averages and MACD appear to support the bullish momentum.

GBP/AUD

Similarly, the GBP/AUD pair is approaching the 1.785 price level and break of this level would likely send the pair towards a recent market top at the 1.793 price level. Momentum indicators confirm bullish sentiment with upward trajectories.

AUD/USD

The AUD/USD pair has retraced from a market top and is approaching the 20-period EMA. A break of the EMA to the downside would provide further confirmation of the downtrend. RSI has broken the 70 resistance line and the bullish momentum on MACD appears to be decelerating.

Impact event: Non-Farm Payroll data will be released at 15:30 GMT+2 and will impact all USD pairs.

AUD/CHF

The AUD/CHF pair has reached the 0.7423 price line which represents a recent market bottom. A break of this level would prove significant, with new near-term price lows. Momentum indicators confirm the spike in bearish sentiment indicating there is room for further downside momentum.