Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Trading news
Back
2 Aug 2021

AUD/USD Price Analysis: Seems vulnerable amid a potential bear flag on daily chart

  • AUD/USD off lows around 0.7350, but not out of the woods yet.
  • Bears are testing the bullish commitments at critical daily support.
  • Escalating covid concerns remain a drop, with all eyes on the RBA decision.

AUD/USD has bounced back above 0.7350, tracking the rally in the S&P 500 futures amid a recovery in the risk appetite.

Expectations of more monetary stimulus support likely from China combined with the progress on the US infrastructure bill boost the market mood, weighing negatively on the safe-haven US dollar.

Despite the rebound in the aussie, its bearish potential appears intact amid surging covid cases in Australia and extension of the lockdowns across the country. Traders also remain on the back foot ahead of the US ISM Manufacturing PMI and Reserve Bank of Australia’s (RBA) monetary policy decision.

As observed on AUD/USD’s daily chart, the aussie is testing the critical rising trendline support at 0.7330.

A daily closing below the latter could validate a bear flag formation, with a sell-off towards 0.7200 likely on the cards. Ahead of that the spot could test the 0.7300 level.

The 14-day Relative Strength Index (RSI) remains below the midline, allowing room for more declines.

AUD/USD: Daily chart

Meanwhile, any recovery attempts could face stiff resistance around 0.7420, where the bearish 21-Daily Moving Average (DMA) and rising trendline hurdle intersect.

A sustained break above the latter could negate the bearish momentum in the near term.

AUD/USD: Additional levels to consider

 

 

Aug 2, 2021

Spain Markit Manufacturing PMI below forecasts (59.5) in July: Actual (59)

Spain Markit Manufacturing PMI below forecasts (59.5) in July: Actual (59)
Read more Previous
Aug 2, 2021

GBP/USD climbs to fresh session tops, around 1.3925-30 region

The GBP/USD pair edged higher during the European session and climbed to fresh daily tops, around the 1.3925-30 region in the last hour. A combination
Read more Next