ONLINE FOREX BROKER
2020-07-03 • Updated
Risk-on pushed stocks and riskier currencies upward.
The aussie is heading towards a strong resistance area. The AUD/USD will meet the first resistance at the high of June 24 at 0.695. If it breaks it, it may surge further to the key resistance at 0.697 that it has touched several times already. Don’t worry, if price falls after breaking through one of those levels. It’s natural to see fresh selling at first. Most analysts have bullish prospects on the Australian dollar. It’s likely to move even higher towards the more significant resistance at 0.7015. Anyway, support levels are at recent lows of July 1 at 0.6910 and 0.6890 and then at 0.6830, that it has tested several times, but bounced back.
There are many tailwinds for the Australian dollar. Firstly, it got a fresh upward stimulus from the encouraging data that came this morning. The Australian retail sales rose by 16.9%, while the forecast was 16.3%. It is the earliest report that reveal consumer spending, that’s why it’s so important for traders. Secondly, yesterday the US NFP report bet all estimates and improved the market sentiment. As a result, the risk-sensitive aussie gained on the positive data. Finally, successful Covid-19 vaccine experiments from Pfizer and BioNtech strengthened the risk-on tone on the market, as well.
Follow the rate statement of the Reserve Bank of Australia on July 7 at 7:30 MT time. If the RBA gives optimistic prospects for economic recovery, AUD will gain, otherwise – it may fall.
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Last Friday’s NFP was disappointing. The reaction of the markets was astonishing. Will it last longer? Let's find out the main trade opportunities for the upcoming week.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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