Australian Dollar's Downward Momentum Vs. U.S. Dollar Likely Increasing, Chart Shows
Dow Jones
Yesterday
0326 GMT - The Australian dollar's downward momentum against its U.S. counterpart appears to be increasing, based on the daily chart, Quek Ser Leang of UOB's global economics and markets research says in a report. The Australian dollar-U.S. dollar pair fell sharply and broke decisively below the daily Ichimoku cloud on Tuesday, the senior technical strategist notes. This has triggered a bearish crossover, with 21-day exponential moving average dropping below 55-day EMA, pointing to rising downward momentum, the strategist says. "The level to watch is the July low of 0.6923," the strategist adds. The Australian dollar edges 0.1% lower to US$0.6973, LSEG data show.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.