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More Possible Upside For The AUD At The Start Of The Week 

Authored by TD Markets
19.09.2023
Technical Analysis
0
4 min
More Possible Upside For The AUD At The Start Of The Week 

As a new trading week kicks off, the AUD is showing signs of potential upside. While it also holds the promise of gaining strength against the JJPY. This development comes as the forex market gears up for another round of trading opportunities and economic indicators that could shape the currency landscape. 

The AUD has recently displayed resilience, thanks in part to improving economic data and a sense of stability in the global financial markets. Investors have been closely monitoring the Australian economy, and recent reports have indicated positive trends in areas such as employment, trade, and consumer sentiment. 

One of the key factors contributing to the AUD's potential upside is Australia's robust trade relationships, particularly with China. As one of Australia's largest trading partners, China's demand for Australian commodities, such as iron ore and coal, has provided a solid foundation for the Australian economy. Any positive developments in the trade relationship between these two nations can have a direct impact on the AUD's performance. 

Furthermore, Australia's successful management of the COVID-19 pandemic has boosted consumer confidence and economic recovery. Consumer spending and corporate activity are anticipated to pick up steam with the easing of restrictions and the restoration of routine, giving the AUD even more support. It's crucial to remember that the Japanese Yen (JPY), a currency, has seen its own share of difficulties.

The GBPAUD Performance 

Traders have a brief opportunity as the daily detail of the momentum looks to be retracing to some levels below. Trades should be cautious because this is a short on the current decline rather than the overall rising momentum. The goal price point of 1.93969 was reached. Price level 1.90780 looks to be in decline.

More Possible Upside For The AUD At The Start Of The Week 

The AUDCHF Performance 

At the price of 0.57572, the take profit point for this pair was hit. We now check to determine if target 2 at price point 0.58724 has any more upside potential. More gain is anticipated for the price point designated as the objective if we can obtain a daily close today.

More Possible Upside For The AUD At The Start Of The Week 

The GBPJPY Performance

Looking to trade the overall momentum on this pair. We can see a resistance building up on the higher timeframes for a possible correction to some levels below. The retracement has already started, and we are looking to see how far it will stretch. If we can get another momentum candle to close below the price point of 183.056, a short will be executed to target a price point of 180.133. 

More Possible Upside For The AUD At The Start Of The Week 

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Final Thoughts On Today’s Analysis 

In conclusion, the start of the trading week holds the potential for an upside in the AUD, driven by positive economic indicators. Simultaneously, the JPY may experience bouts of strength due to its safe-haven status. Traders and investors should closely monitor these developments and adapt their strategies accordingly to navigate the dynamic currency markets effectively.

Authored by TD Markets
19.09.2023
Technical Analysis
0
4 min
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