Australian Dollar: USD/AUD (AUD=X) higher on Wednesday in response to Trump’s comments on Huawei
Huawei CFO has been granted bail by Justice William Ehrcke on Tuesday.
Meng Wanzhou will be subject to monitoring, a curfew and other strict conditions to adhere to bail conditions.
President Donald Trump said he would intervene in the Huawei case on Wednesday, using it as a trade strategy to advance trade negotiations with China.
Mr said intervention could provide national security and trade talks with China.
His comments come after the Canadian court on Tuesday granted arrested CFO Meng Wanzhou bail, while she awaits a decision.
Meng was arrested in Canada on December 1st, after being accused by the US of covering up her company’s Iran-linked transactions, violating US sanctions on Iran.
President Trump said the White House has spoken with the Justice Department about the case, as well as Chinese officials.
“They have not called me yet. They are talking to my people. But they have not called me yet,” Trump said on Wednesday when asked if he has spoken to Chinese President Xi Jinping.
Trump said in an interview with Reuters: “Whatever’s good for this country, I would do.” “If I think it’s good for what will be certainly the largest trade deal ever made – which is a very important thing – what’s good for national security – I would certainly intervene if I thought it was necessary,” Trump said.
Analysts say Trump is mixing political gains with a national security situation, which could end badly for markets.
Australian Dollar price
AUD/USD traded to 0.7220 reacting to the news, with a resistance at 0.7225.
The price jump comes after the dollar had seen falls over Brexit delay news, however the jump didn’t last long after the headlines were announced. Traders were started to sell at time of writing.
Overall, the bias in prices is: Sideways
The projected upper bound is: 0.73.
The projected lower bound is: 0.71.
The projected closing price is: 0.72.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 21.1028. This is not an overbought or oversold reading. The last signal was a buy 0 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 46.70. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 155 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -65. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX AUD= closed up 0.000 at 0.721. Volume was 10% above average (neutral) and Bollinger Bands were 18% narrower than normal.
Open High Low Close Volume___
0.721 0.724 0.720 0.721 125,149
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.73 0.72 0.74
Volatility: 8 10 10
Volume: 122,586 120,406 106,550
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX AUD= is currently 2.5% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of AUD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on AUD= and have had this outlook for the last 1 periods.
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