2020-02-06 • Updated
The Australian dollar will be quite volatile in the upcoming sessions. The near-term pressure on the Australian currency is related to worse-than-expected retail sales and trade balance figures released in Australia on Thursday. Earlier this week, comments of country’s central bank, on the contrary, had pushed AUD/USD up from the 2019 lows. The RBA Governor Lowe will speak on Friday. In addition, volatility will come from the US side of things, as America will publish Nonfarm Payrolls (NFP). Finally, don’t forget the market’s changeable attitude towards the threat of coronavirus which is also driving the AUD.
So far, AUD/USD met resistance around 0.6775. Still, as long as the pair is above the 50-period MA at 0.6735, it is safe from the decline to 0.6680 (previous minimums). On the upside, the next resistance is in the 0.6800/10 area ahead of 0.6850.
SELL 0.6730; TP 0.6690; SL 0.6745
BUY 0.6780; TP 0.6810; SL 0.6765
The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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