Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
27 Jul 2021

AUD/USD Price Analysis: Remains vulnerable to retest YTD lows, sub-0.7300 levels

  • AUD/USD once again started retreating from the vicinity of the 0.7400 mark.
  • The set-up favours bearish traders and supports prospects for further losses.

The AUD/USD pair maintained its offered tone through the first half of the European session, albeit has managed to rebound few pips from daily lows. The pair was last seen trading just above mid-0.7300s, still down nearly 0.35% for the day.

Worries about the potential economic fallout from the fast-spreading Delta variant of the coronavirus took its toll on the global risk sentiment. This was evident from a sharp pullback in the equity markets, which benefitted the safe-haven US dollar and drove flows away from the perceived riskier aussie.

Looking at the technical picture, the AUD/USD pair has been oscillating in a narrow over the past four trading sessions, forming a rectangle on hourly charts. Given the recent decline, this might be categorized as a bearish continuation pattern and supports prospects for a further near-term depreciating move.

The negative outlook is reinforced by the fact that technical indicators on the daily chart are holding deep in the bearish territory. Apart from this, the emergence of fresh selling at higher levels and repeated failures near the 0.7400 mark further suggests that the near-term selling bias is still far from over.

Hence, a subsequent slide back towards the 0.7300 mark, en-route YTD lows, around the 0.7290-85 region, remains a distinct possibility. Some follow-through selling should pave the way for a slide towards the 0.7230-25 intermediate support before the AUD/USD pair eventually drops to test the 0.7200 round figure.

On the flip side, the 0.7395-0.7400 area might continue to act as immediate strong resistance. A convincing break through the trading range resistance might trigger a short-covering move and lift the AUD/USD pair further beyond the 0.7425-30 hurdle, towards the 0.7475-80 supply zone and the key 0.7500 psychological mark.

AUD/USD 1-hour chart

fxsoriginal

Technical levels to watch

 

Jul 27, 2021

USD/CHF clings to gains near 0.9170-75 area amid notable USD strength

The USD/CHF pair maintained its bid tone through the first half of the European session and was last seen trading near daily tops, around the 0.9170-7
Read more Previous
Jul 27, 2021

Singapore: Inflation risks look balanced – UOB

Barnabas Gan, Economist at UOB Group, comments on the latest inflation prints in Singapore. Key Takeaways “Singapore’s consumer prices rose by 2.4% y/
Read more Next