By Mexgroup.com
AUD/USD Shows Exhaustion Signs
Price increased in the early morning, but stays much below the 0.7994 Friday’s high. The perspective remains bullish on the daily chart as the uptrend is still intact. Is premature to talk about a corrective phase because it is located above some important support levels.
Is very important to see how the USDX will react in the upcoming period, it’s still under massive selling pressure because is trapped under major resistance levels. USDX decreased in the morning and should retest the 92.49 horizontal support, could still start a leg higher as long as it stays above this obstacle.
The Aussie increased on the mixed Australian data, the Company Operating Profits dropped by 4.5% in the second quarter, more versus the 3.9% estimate, the indicator plunged after the 5.8% growth in the former reading period. Moreover, the ANZ Job Advertisements rose by 2.0%, beating the 1.6% in the previous reading period, while the MI Inflation Gauge rose by 0.1%.
Price looks a little exhausted after the failure to reach and retest the median line (ml) of the minor ascending pitchfork. Now is retesting the upper median line (uml) of the minor descending pitchfork, could come to retest the confluence area formed at the intersection between the lower median line (lml) with the upper median line (uml).
Free Reports:
The major upside target remains at the 0.8065 static resistance, will approach it if will stay within the ascending pitchfork’s body. A major drop will come only if the rate will make a valid breakdown below the median line (ML) of the major ascending pitchfork.
Gold Registered An Amazing Jump
Gold rallies and seems unstoppable on the short term. You can see on the Daily chart that has opened with a gap up and now is approaching the 1348 horizontal resistance, where he could find supply again. Is strongly bullish after the impressive breakout above the WL1. Resistance can be found also at the lower median line (LML) of the major ascending pitchfork.
NZD/USD Falling Wedge?
The NZD/USD has developed a Falling Wedge pattern, which could be validated very soon if the rate will climb above the 50% Fibonacci line again. Price will drop much deeper if will stay under the 50% Fibonacci line. The next downside target will be at the 61.8% retracement level and lower at the fifth warning line (wl5).
By Olimpiu Tuns
Market Analyst
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The post Daily Market Report – AUD/USD Losing Momentum September 04, 2017 appeared first on mexgroupblog.
