Published April 12, 2019 2:45 pm est
by Richard Cason,
Editor of NewsMovesMarketsForex
AUD USD Surges to weekly highs approaches the 7200 handle. Early morning Forex Trading April 12th 2019 AUD USD peaks to a high of 07189 as of the writing of this article.
AUD USD is trading well above the 100 day simple moving average and the RSI is holding firm at 70.
On April 12, 2019 China reported very strong export and trading data. Australian biggest trading partner is China. Australian Department of Industry reports that Australia exported $67 billion Australian dollars worth of coal and $63.8 billion of iron to China 🇨🇳 in the fiscal year of 2018.
The Australian dollar is currently up .76% and the Currency pair is trading at .7183 handle as of 12:03 pm Eastern Standard Time.
Aud Usd is currently range trading within a 79 pip intraday area between the high of .7191 and a low of .7112. As of this writing the pair is trading well above the 100 day simple moving average and the Relative Strength Indicator is reading 60. The Aud Usd clearly has run into a heavy resistance when it hit a high of the day at the .7191 area and retreated down in a range bound mode to the .07170 area.
The AUD Dollar Index 61.00 Down .33% Aussie appears to be weakening some mild bearing momentum across the board against a baskets of its cross rivalries:
AUD Dollar Index 61.00 Down .33% Aud Usd up +0.69%, Aud Cad up +36%, Eur Aud down -.31% Aud Chf up .61% Aud Jpy up +1.07% as of this writing.
The Aud Usd set a high of .7191 in early morning trading and has been range trading over the last 7 1/2 hours low of .7112.
The Aud Usd has clearly been in Bullish consolidation mode since Friday, April 9, 2019 slowly establishing a series of daily higher highs and higher lows. As of this writing the pair has rebound off the Weekly lows and our bias is neutral at this time.
The Aud Usd 1 hour Chart time frame is displaying formation of a potential double top, as price action is consolidating between intraday high of .07191 and intraday low of .7112 as of 9:17 am est.
Early morning trading the one hour Random strength indicator is displaying a reading of 71 and the pair is trading slightly above the 100 day simply moving average and is clearly in possible over bought condition .
Aud Usd ascends from One Weekly Lows of 0.7010 to High of 0.7126 up 73 Pip’s
On the data front we had a Mixed bag of China, Euro and U.S. Economic news. Aud Usd today the Pair has a hit a top just below the .7200 handle, bias – range bound 79 Pips as of this writing in intraday consolidation phase as the market searching for a clear direction.
AUD 21:30 pm est RBA Financial Stability Review
CNY 8:30 pm est Exports (YoY) (Mar) Exceeded expectation |Actual 14.2 | Forcasted 7.3%| Previous -20.8%.
CNY 8:30 pm est Trade Balance (USD) (Mar) Exceeded expectation |Actual 32.65B| Forcasted 7.05B| Previous 4.08%.
USD 08:30 am est Producers Price Index (PPI) (MoM) (Mar) cane in Exceeded expectation |Actual 0.6% | Forcasted 0.3%| Previous 0.1%
