Market updates on August 8
- During the Asian trading session, the People's Bank of China set the reference rate for USD/CNY at 7.0039. This is the highest level in a decade, but not as high as analysts expected it to be. As a result, USD/CNH fell towards the support at 7.0650 right after the test of the resistance at 7.0977 level. If bears continue to pull the pair down, the current support may be broken, and the next one will lie at 7.0420. In case of a less risky environment, the pair will retest the 7.0977 level.
- USD/JPY has been consolidating in the 106-106.27 range after the bullish surge towards the 106.27 level. From the upside, pay attention to the resistance levels at 106.63 and 107.05. On the other hand, if bears take control over the market, the 106 level may be broken and the next support will lie at 105.52. After that, keep an eye on the 105.3 level.
- AUD/USD has risen on the softer risk sentiment. After the crossover of the price with the 0.6772 level (23.6% Fibo) on H4, bulls will have a chance to push the pair higher to the 0.68-0.6819 support levels. In case of risk aversion, the support at 0.6752 may be broken and the retest of the 0.6676 level may be possible.
The record-high unemployment claims may pull the USD down
Canada will post an update on change in core retail sales on March 20 at 14:30 MT time.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?