The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
AUD: is the bottom touched already?
In July 2019, AUD/USD formed two peaks. The higher one is 0.7080, which is the major resistance level, being also a 9-months high. The lower one is 0.7030 – the price climbed right to it on December 31, but then reverted downwards. Since then, every day AUD/USD moved further and further down, mostly due to increasingly dovish expectations from the RBA’s interest rate decision in February. On the daily chart, it has crossed the 200-day Moving Average and is testing the 50-day MA at the level of 0.6877. If the price drops to the nearest support of 0.6850 and then crosses the 100-day MA, it will come to test the lower border of the 4-months upward trend and challenge it as such. That is a possibility, taking into account the Awesome Oscillator – the peak is already formed, giving a high likelihood of a decline in the following steps.
Nevertheless, analysts also foresee a possible reversal upwards in the short-term for the AUD. Will that be the case? Read the news with FBS and stay updated.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…