There were no major data releases from the UK tomorrow. Aussie managed to close above 0.80 threshold and new buying lifted it above yesterday's highs briefly in Asia earlier today. However, there is a growing sense that the market has gone too far, and the 4% decline in iron ore prices provided the fodder for the profit-taking that has now pushed the Aussie below yesterday's lows. Although the outside down day needs to be confirmed with a close below $0.7980, it is the kind of reversal pattern we have been anticipating.
The RSI was at multi-year highs and has turned down today. The Slow Stochastics have not confirmed the new highs, leaving a minor bearish divergence in its wake. As the Great Graphic posted above and created on Bloomberg shows, the MACDs are also poised to cross lower from elevated levels.
There will be no major data releases both from Australia and USA tomorrow, so we can expect similar session.
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
Forex Web News is part of Rolling Capital Network providing financial consulting.
Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.
Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.
All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.
We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.
Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.