"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 13 hours Why Criminals' Cryptocurrency Choices Matter To Average Investors
  • 2 days OPEC ‘Supergroup’ Keeps Oil Exports Subdued
  • 2 days One Belt, One Road, One Direction for Precious Metals
  • 2 days Vicious Trio Keeps Bitcoin in Chokehold
  • 2 days How Infrastructure Is Driving A Commodity Boom
  • 2 days What’s Really Happening With Venezuela’s “El Petro?”
  • 2 days Gold Bull and Bear Markets
  • 3 days 5 Big Drivers of Higher Inflation Rates Ahead
  • 3 days U.S. And China To Face Off Over Aramco IPO
  • 3 days Gold Bulls, Brace Yourselves – Fed Hikes Are Coming!
  • 3 days Stocks Fail to Hold Gains, But Still No Correction
  • 3 days Cryptojacking: A New Threat Vector To Critical Infrastructure
  • 4 days Why The Next Oil Boom Will Be Fueled By Blockchain
  • 4 days 5 Things Investors Should Know About China this New Year
  • 4 days Is The South Korean Crypto-Drama Finally Over?
  • 4 days Miners’ Rally? What Rally? Watch Out for More Fake Moves!
  • 4 days Four Percent 10-year Note Yield Will Be a Floor Not a Ceiling
  • 4 days The End Is Near
  • 5 days 5 Record Breaking Gemstones Even Billionaires Can’t Buy
  • 5 days Irredeemable Currency De-tooths Savers
Why The Next Oil Boom Will Be Fueled By Blockchain

Why The Next Oil Boom Will Be Fueled By Blockchain

As blockchain tech works its…

Decision Time

Decision Time

Last week, I mentioned that…

Daily Technical Report

AUD/USD: Failed breakout above 200-day average (1.0409)?

AUD/USD bulls seem to have triggered a failed breakout above the 200-day moving average and reinstated the previous daily bearish "evening star" pattern beneath resistance at 1.0387.

Only a sustained upside confirmation above key resistance at 1.0405/11 would suggest an extended recovery into 1.0753 (28th Oct peak).

Our cycle analysis remains bearish and favours downside pressure back into 1.0146 (09th Jan low) and parity, then 0.9862 (15th Dec low).

Keep in mind that such a move would signal a break from the multi-month distribution pattern and the rate’s 3-year uptrend (see bottom-left chart insert).

Elsewhere, the Aussie dollar is weakening sharply against neighbouring New Zealand. The rate’s multi-month trading range is pressuring lower through its 200-day MA which is currently trading at 1.2957. Expect further setbacks over the multi-day horizon into 1.2834 and 1.2319.

The Aussie dollar is holding steady against the Japanese yen, while still maintaining its larger contracting trading range. Watch for key support at 76.98 to unlock further downside into 74.81. Such a scenario would signal further unwinding of global risk appetite.

Daily Technical Report


Read the Report

Back to homepage

Leave a comment

Leave a comment

Don't Miss A Single Story