ONLINE FOREX BROKER
2023-03-09 • 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.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
China's economy is rocketing. On the other hand OPEC+ countries take the decision to cut the production. What will be the impact on the oil price?
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.
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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