AUD/USD & ASX 200 Worth Outlook:AUD/USD trades barely beneath its peak within the year-to-date as threat urge for food surges
AUD/USD & ASX 200 Worth Outlook:
- AUD/USD trades barely beneath its peak within the year-to-date as threat urge for food surges
- In the meantime, the ASX 200 grapples with resistance close to a Fibonacci degree at 6,125
- As expertise shares in the US soar, each AUD/USD and the ASX 200 could profit from the surge in threat urge for food
Australian Greenback & ASX 200 Worth Forecast: Aussie Belongings Probe Resistance
The week kicked off with a outstanding surge in threat property as scorching expertise shares like Amazon and Microsoft pressed ever greater. Because the leaders in speculative threat urge for food, a continuation greater for the FANGMAN group and the Nasdaq 100 is an encouraging signal for different risk-sensitive markets like AUD/USD and the ASX 200.
Nasdaq 100, Dow Jones, DAX 30 Forecasts for the Week & Earnings to Watch
To that finish, each markets stand barely beneath longstanding technical resistance. If threat developments proceed the week as they started, nevertheless, the swelling demand for growth-sensitive property could permit the Aussie markets to surmount the hurdles overhead.
AUD/USD Worth Chart: Every day Time Body (January 2019 – July 2020)
As for AUD/USD, the resistance in query exists across the 0.70 to 0.7067 zone, with the decrease certain derived from the psychological 0.70 mark and the higher from the pair’s current swing excessive. 0.7067 additionally doubles because the year-to-date excessive for AUD/USD, affording the extent additional affect. A break above the world could permit for a bigger continuation greater.
ASX 200 Worth Chart: 4 – Hour Time Body (January 2020 – July 2020)
Worth motion within the ASX 200 reveals a comparatively related technical formation. The Australian fairness index has climbed for months from the depths of the coronavirus crash and has moved inside attain of the 61.8% Fibonacci retracement of stated pullback. Evidently, the extent has confirmed troublesome to beat as current peaks prime out at – or barely above – the horizontal line.
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However, the ASX 200 has climbed assiduously, notching a sequence of higher-lows which have saved the rising trendline from March intact. Because of this, the index has seen worth motion contract moderately considerably because it runs out of actual property between resistance overhead and help beneath. Thus, it appears a break is imminent with both necessity or earnest intention responsible.
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Both means, the technical formation aligns neatly with AUD/USD and even the S&P 500 which has been negotiating resistance of its personal. With that in thoughts, upcoming earnings from market leaders like Microsoft could present the mandatory spark to interrupt the outlined patterns. Within the meantime, observe @PeterHanksFX on Twitter for updates and evaluation.
–Written by Peter Hanks, Strategist for DailyFX.com
Contact and observe Peter on Twitter @PeterHanksFX