Is The Australian Dollar Making A Comeback?

• 30 Nov 2017

AUD/USD

The AUD/USD pair has hit a market bottom at the 0.754 price level and bounced back in a bullish direction. RSI confirms the trend change bouncing off the 30 support level and MACD appears to be turning more positive, however remains in negative territory. Moving averages have a defined downward trajectory therefore it may take some time for the reversal top be fully realized.

Impact event: U.S. Personal Consumption Expenditure data will be released at 15:30 GMT+2 and will impact all USD pairs.

AUD/NZD

After several trading session where the NZ Dollar dominated, the Australian dollar has begun a revival after some positive fundamentals news. A large bullish move in today’s trading session has resulted in the pair swinging from the 1.099 price level to break the 20- period EMA. At the same time, RSI has turned sharply bullish and MACD is flat along the zero line.

AUD/CAD

The AUD/CAD pair has enjoyed a bullish break of both the 0.969 price level and the 20-period EMA. This move has been confirmed by a strong upward trajectory on RSI and rising volume into the move, suggesting there is considerable appetite from Australian Dollar buyers.

 SILVER

Silver prices have suffered in the last few trading sessions with strong bearish candles breaking the 20-period EMA to the downside, with a subsequent break of the 16.53 price level. Given this represents a market bottom, the question remains whether sellers have enough conviction to push prices lower. Momentum indicators are mixed, with RSI indicating a potential reversal of trend yet MACD has moved into mildly negative territory.