$AUDUSD keeps an upward bias with support at 0.9225
The AUDUSD remains supported by the 100 hour moving average (MA) at the 0.9225 level (blue moving average line in the chart) and resistance up at the 200 hour moving average at the 0.9268 level (green moving average line in the chart above).
A break of the 0.9268 level will likely see futher upside momemtum with a move toward 0.9336 the next target. As long as the price remains above the 0.9225 support level, the upside is the bias. Look for buyers on dips against this level, with stops if the price dips below the level.
This evening the Conference Board Leading Index MoM change is scheduled to be released. The index is designed to predict the direction of the economy. There are 7 pieces that make up the index. They include money supply, building approvals, profits, exports, inventories and interest rate spreads. Last month the index rose by 1.8%. A strong number like this should benefit the AUDUSD.
Loading ...
Greg, do you watch the US Dollar Index? Is there a way to add a feed to the FXDD MT4 platform? Thanks!
No I don’t. The dollar index is a blended rate of a basket of currency pairs.
According to Wikipedia it consists of the follow currencies versus the US dollar. The weighting for each in the index is also shown.
Euro (EUR), 57.6% weight
Japanese yen (JPY), 13.6% weight
Pound sterling (GBP), 11.9% weight
Canadian dollar (CAD), 9.1% weight
Swedish krona (SEK), 4.2% weight and
Swiss franc (CHF) 3.6% weight.
Why don’t I follow it? Cause we can’t trade it. We can trade the pieces however.
I can see why you may find the index useful by charting it like any currency pair but I would prefer to look for a EURUSD technical level or USDJPY or USDCHF.
I hope this explains my reason sufficiaently.
Thanks for the question though.
Greg Michalowski