2020-06-17 • Updated
The fresh data from New Zealand and Australia will be released tomorrow morning! Follow up!
On June 18 New Zealand will report its quarter-to-quarter GDP at 1:45 MT time. Later at 4:30 MT time Australia will reveal the employment change.
GDP is the broadest measure of economic activity and the primary gauge of the economy's health. Also, the unemployment rate is not less important as it shows how fast the economy is recovering from the coronavirus damage. These days the market is really volatile and hugely depends on the overall sentiment, which changes almost every day. It’s significant to watch these events closely to catch the right impulse in time.
If the data is better than expected and it overweighs risk-off factors, AUD and NZD will gain.
There are several risk-off factors that can prevent AUD and NZD from rising, even if their reports are positive. The first one is the pessimistic outlook of the Fed’s Chairman Jerome Powell for the global economic recovery. He emphasized during his speech that the economy is still well below pre-crisis levels, even if there are some improvements. The US May jobs report and retail sales were better than expected. However the Fed’s chairman stays cautious. That’s why investors are concerned too. Moreover, the new coronavirus outbreak in China and resurgence of infections in Florida add more worries. Now it’s a good idea to check global coronavirus numbers. If demand for risk resumes, USD will fall and it will be enough to push AUD and NZD upward.
AUD/USD has set a strong bullish trend and has never crossed the support line. It’s headed towards the resistance at 0.7020 – the high of June 8. The move below 0.6850 may push the price lower to the next support at 200-day moving average at 0.6650.
NZD/USD is moving up to the resistance level at 0.6560. If the price falls below 0.6430, it may drop even deeper to the next support at 0.632 where is the 200-day moving average. Check out tomorrow the data from New Zealand and Australia!
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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