EUR: beating the USD so far
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
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.
Similar
EUR supported by the European Commission
The EUR made a significant rise on the news of the stimulus expansion. Will it last long?
NZD/USD: testing tactical support
The Reserve Bank of New Zealand made announcements regarding its monetary policy. The NZD/USD dropped.
Latest news
Trade ideas on May 29
Let’s look at main movements on the market.
EUR: beating the USD so far
Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
All attention to AUD: cash rate and RBA statement
The Reserve Bank of Australia will make a statement and release the cash rate on Tuesday, June 2, at 8:30 MT time.
Deposit with your local payment systems
