Pound Sterling is recovering against Dollar
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Market updates on August 7
Key events ahead:
The speech by the FOMC member Evans – 16:30 MT time
- During the RBNZ meeting, the regulator cut its interest rate by 50 basis points (vs. 25 bpt expected). As a result, the New Zealand dollar fell to the lowest levels in 3 years. On H4, the support levels for kiwi lie at 0.6367-0.6377. If these levels are broken, the further fall will be limited by the 0.6296 level. At the moment NZD/USD is trying to rebound towards the resistance at 0.6451. Technically, RSI is about to leave the oversold zone, which may provide a buying opportunity.
- Gold has risen even more to its highest levels since 2012 on global fears surrounding trade war between the US and China and comments on the launch of missiles by North Korea. On H4, the price for the yellow metal is trading above the $1,480 level. The next resistance for gold will be placed at $1,515. In case of a reversal, pay attention to the support level at $1,446. If it is broken, the next support will lie at $1,412. RSI is looking up, which means that the rise may continue.
- AUD/USD fell to the 10-year low, as investors are afraid that the Reserve Bank of Australia will follow the path of its antipodean colleague. On the 4-hour chart, AUD/USD tested the 0.6676 level below the border of the downward trading channel but bounced back within the borders. If the aussie recovers more, the first resistance will lie at 0.6778. After the breakout, pay attention to the 0.68 and 0.6819 levels. On the other hand, strong bears may pull the pair down once again and try to break the 0,6676 level with the following test of the 0.6622 level.
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Pound Sterling is recovering against Dollar
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
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Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
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Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?
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