March Australian dollar (A6H26) futures present a buying opportunity on more price strength. See on the daily bar chart for the March Australian dollar futures that prices are trending higher and have just hit a 15-month high. See, too, that the moving average convergence divergence (MACD) indicator is in a bullish mode as the blue MACD line is above the red trigger line and both lines are trending up. Bulls have the firm near-term technical advantage. More News from Barchart Fundamentally, Australia ...

Group 1 - The March Australian dollar futures are showing upward price trends and have reached a contract high, indicating a potential buying opportunity [1] - The MACD indicator is in a bullish position, with the MACD line above the red trigger line and both trending higher, suggesting strong near-term technical advantages for bulls [1] - Easier U.S. monetary policy from the Federal Reserve is seen as bullish for the Australian dollar and bearish for the U.S. dollar, benefiting Australia's economy which relies heavily on raw commodity exports [2] Group 2 - A breakout above the contract high resistance level of 0.6729 in the March Aussie dollar would signal a buying opportunity, with an upside price target of 0.6950 or higher [3] - Technical support is identified at 0.6625, where a protective sell stop could be placed [3]

Core Viewpoint - The March Australian dollar futures are presenting a selling opportunity due to ongoing price weakness, with recent trends indicating a bearish outlook [1][2]. Technical Analysis - Prices for March Australian dollar futures have been trending lower, recently hitting a five-month low. The MACD indicator shows a bearish posture, with the blue MACD line below the red trigger line, both trending downwards, indicating a near-term technical advantage for bears [1]. - A move below the support level of .6428 would signal a selling opportunity, with a downside price objective set at .6200 or lower. Technical resistance is identified at .6535, where a protective buy stop should be placed [3]. Fundamental Factors - The strength of the U.S. dollar and China's economic slowdown are negatively impacting Australian commodity exports to China, contributing to a bearish outlook for the Australian dollar. Additionally, rising unemployment and the potential for lower interest rates in Australia further weaken the currency's position [2].