Main market movements on July 29
The overall market sentiment is mixed as investors await the Federal Reserve’s statement today at the evening.
Market updates on June 18
· The Australian dollar continued to weaken after the release of the Reserve bank of Australia meeting minutes. It indicated the possibility of another rate cut. AUD/USD has been trading near the support at 0.6828. The next support is placed at 0.6571. From the upside, there are resistance levels at 0.6934 and 0.7019.
· The news that UK Chancellor of the Exchequer Phillip Hammond was prepared to resign due to the Prime Minister Theresa May’s budget spending plans weakened the British pound during the US trading session yesterday. The cable needs to stick above 1.2551 level to recover. After that, the next key resistance will lie at 1.2705. On the flipside, bears will keep the 1.2477 level in focus.
· Gold has tested the highs above the resistance at $1,345. The next resistances are placed at $1,350 and $1,355. From the downside, there is a support at $1,333. If this level is broken, the next support will lie at $1,320.
Key events ahead:
The speech by the ECB President Mario Draghi - 11:00 MT time
The speech by the BOE Governor Mark Carney – 17:00 MT time
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