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Andrea FXMart

Daily Market Analysis From Forexmart

477 posts in this topic

FOREX-Dollar hits 4-month low vs yen on "Trumpflation trade" rethink

* Weak stocks pressure dollar by driving down U.S. yields
* Euro near 7-week high vs dollar
* Investors concerned by healthcare vote, FBI investigation

The dollar hit a four-month low against the safe-haven yen on Wednesday as a risk-off mood grew in markets rethinking the "Trumpflation trade" that had pushed the greenback to a 14-year peak and stocks to record highs.

Against the yen, which investors traditionally flock to during times of risk aversion, the dollar fell 0.4 percent to 111.25 yen JPY= , with nervousness deepening ahead of a key healthcare vote in U.S. Congress on Thursday.

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AUD/USD Technical Analysis: March 23, 2017

 

The risk-off market sentiment alongside the softening of copper and other commodities affected the Australian dollar on Wednesday.

 

On Wednesday, the AUDUSD was neutral following the sell-off occurred on Tuesday. The sellers found a hurdle around 0.7650 mark. The handle slowed down the seller’s movement and the price was rejected. The spot was confined near the region as its progresses in an aimless manner.

 

The commodity-linked pair tested the 50 and 200-EMA while the 50-EMA crossed on top of the 100-EMA touching the 200-EMA as shown in the 4-hour chart. Also, the 50-EMA  preserved a bullish pattern while the 100-EMA shifted downwards while the 200-EMA showed signs of being neutral.

 

Resistance entered 0.7700, support is at 0.7650.

 

The MACD declined which confirmed the weak position of the buyers. RSI oscillator en route downwards.

 

A break to 0.7600 region will pass the attention to the level 0.7550.

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