AUDUSD

Technical Analysis – AUDUSD finds strong ceiling at 0.7000; holds in upward channel

Posted on July 22, 2020 at 11:59 am GMT

AUDUSD found strong ceiling near the 0.7000 psychological level in the ascending channel that has been holding since June 15. Technically, the MACD oscillator is still flattening above the zero level with weak momentum, while the RSI is sloping down near the 50 level. The 20- and 40-period simple moving averages are moving horizontally confirming the recent neutral move. If the pair successfully surpasses the 0.7000 handle, it could gain some ground towards the 0.7040 barrier ahead of the 14-month [..]

Market Comment – Fears grow about virus surge but stimulus hopes put a lid on risk-off

Posted on July 17, 2020 at 8:41 am GMT

US daily virus tally tops 77,000; escalation in Australia and Japan also worries investors Stocks tread water but stimulus and vaccine hopes keep bull market alive Euro on the backfoot ahead of EU stimulus decision No letup in new virus cases yet A continued surge in the number of new coronavirus cases being reported in hotspots around the world has taken the steam out of the risk rally this week, with not even robust data out of China and the [..]

Daily Market Comment – Dollar edges up, stocks slip as recovery doubts set in

Posted on July 16, 2020 at 8:51 am GMT

China’s GDP bounces back but signs of uneven recovery dampen sentiment White House’s tough line on China also a drag on risk assets Euro softer ahead of ECB; Stocks eye US earnings and retail sales for direction China returns to growth but weak spending worries markets As far as V-shaped recoveries go, China’s economic recuperation from the coronavirus couldn’t look more V-shaped. Gross domestic product (GDP) jumped by 11.5% over the quarter to June after collapsing by almost 10% in [..]

Technical Analysis – AUDUSD tries to revisit 1-year high

Posted on July 16, 2020 at 7:24 am GMT

AUDUSD has been slowly ascending after the rebound on the 0.6800 support, jumping above the short-term 20-day simple moving average (SMA). The price is approaching again the almost one-year peak of 0.7067, searching for new upside adventures. Also, the stochastic oscillator is confirming this view as it is reversing north and has yet to reach overbought levels. In the positive scenario, a jump above the 0.7030 level could find immediate resistance at the 0.7067 barrier before moving towards the 0.7205 – 0.7295 zone. Alternatively, a decline beneath the 20- and [..]

China could return to growth in Q2 amid geopolitical bullying woes – Forex News Preview

Posted on July 15, 2020 at 1:13 pm GMT

China releases GDP readings for the second quarter on Thursday at 02:00 GMT along with industrial production for June, retail sales and fixed investment data. All figures are forecast to strengthen, indicating that the world’s second largest economy is recovering albeit gradually after contracting at a record rate. The data could boost risk sentiment, though China’s cloudy political background could be a reason for traders to adopt a wait-and-see approach. China could grow by 2.5% y/y in Q2 China’s GDP [..]

Daily Market Comment – Euro surges, stocks bounce back amid fresh vaccine hopes

Posted on July 15, 2020 at 8:33 am GMT

Vaccine hopes boost risk assets; Wall Street selloff is over before it even began Euro and aussie charge ahead; pound and loonie try to catch up Oil holds its nerve as OPEC+ set to ease production cuts Mixed earnings overshadowed by promising vaccine results Global equities were back in bullish mode on Wednesday after a brief wobble earlier in the week had some investors worried that this could be the start of a long overdue correction in the markets. However, [..]

Aussie may drift lower after employment report – Forex News Preview

Posted on July 14, 2020 at 1:22 pm GMT

June’s employment report for Australia is likely to catch investors’ eyes on Thursday 0030 GMT as the nation’s economy tumbled into a recession in the first half of the year. However, Australia avoided the high Covid-19 cases of other countries, recording less than 10,000 in total or about a sixth of the daily cases seen in the United States in recent days. Unemployment expected to see further increases In the previous release, the unemployment rate jumped to 7.1% from an upwardly revised [..]

Daily Market Comment – Wall Street stumbles as US-China tensions brew, virus cases surge

Posted on July 14, 2020 at 8:46 am GMT

Nasdaq falters as more US states roll back reopenings amid record new infections Sino-US tensions also upset stocks, but dollar and gold hold steady Markets braced for busy week as earnings, data and central bank meetings coming up Tech stocks in rare selloff Shares on Wall Street slipped late into the session on Monday as a persistent surge in new coronavirus cases across the United States unnerved investors. The tech-heavy Nasdaq Composite had been trading in record territory before reversing [..]

Technical Analysis – AUDUSD still consolidating; unable to break above upper channel

Posted on July 13, 2020 at 12:34 pm GMT

AUDUSD has been consolidating since June 16 and has been stuck in a channel tilted slightly to the upside. The neutral to bullish picture in the short term looks to last for a while longer after prices failed to break above the upper channel earlier this month. Resistance was met at around the 0.7000 psychological region after prices surpassed the simple moving averages (SMAs) and the Ichimoku cloud. The slightly bullish bias in the near term is supported by the [..]

Week Ahead – US, China data to keep recovery theme going; ECB, BoJ and BoC meet

Posted on July 10, 2020 at 12:38 pm GMT

There will be no shortage of big headline events over the next few days as major data releases, central bank meetings and an EU gathering should make for a busy week. However, the primary focus will be on the recovery story amid further spikes in coronavirus cases in several countries, including the United States. Retail sales numbers out of America and second quarter GDP figures from China should reveal whether the growth rebound is maintaining momentum. On the other hand, [..]

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