|Day's range||0.737 - 0.741|
|52-week range||0.7349 - 0.8136|
Investing.com - The dollar edged higher against a currency basket on Wednesday in subdued trade amid a lull in an escalating trade dispute between the U.S. and China.
The Australian dollar fell significantly during the trading session on Tuesday, as it was announced that the United States was slapping more tariffs on the Chinese. Obviously, Beijing will retaliate, as we continue to see tit-for-tat trade tariffs become headlines.
The direction of the Australian and New Zealand Dollars will be largely influenced by demand for risk. Look for a short-covering rally if it’s a risk-on day. Watch for further selling pressure and an extension of this week’s losses if it’s a risk-off session.
Based on the early price action, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the long-term uptrending Gann angle at .7398. The AUD/USD is down 10 session from its last main top so it may be ripe for a short-covering rally.
Japan’s yen and the U.S. dollar strengthened against their major rivals on Tuesday, as the escalating trade conflict between the world’s two biggest economies sent investors scrambling for safer assets. Trade tensions between the U.S. and China were already heightened, when President Donald Trump threatened to slap new import levies on up to $400 billion of Chinese goods late Monday, on top of the $50 billion his administration has already detailed. China responded on Tuesday, saying Beijing will have no choice but to take comprehensive measures in response to the U.S.’s trade moves.
Investing.com - The dollar rose to the day’s highs against a currency basket on Tuesday and pared back some losses against the safe haven yen as heightened trade tensions between the U.S. and China soured risk appetite.
Investing.com - The dollar fell to one-week lows against the safe haven yen on Tuesday as escalating trade tensions between the U.S. and China weighed on market sentiment.
The pair staged lower at the open in the Monday’s session due to some political concerns emerging out of Europe with news about Angela Markel being ousted. The 1.17 level above is massively resistive and as well as 1.18 level which the market needs to clear above in order to reverse the bearish sentiment. The 1.30 level underneath is going to be a massive support level.
EURUSD continues falling and updating its short-term lows. The point is that investors are once again in search of “safe haven” assets because global “trade wars” are reviving.
The Australian dollar has been somewhat sideways to open the week on Monday, as we continue to hug just below the 0.75 level. That of course is a large come around, psychologically significant figure, and of course an area that the market would have been paying attention to.
Now that the AUD/USD has already made a lower-low to extend the downtrend, the direction of the Forex pair the rest of the session will be determined by trader reaction to Monday’s close at .7422. Assume the downtrend will continue, given the bearish fundamentals, but be prepared for a closing price reversal bottom especially if the U.S. and China reach a trade agreement.
Lingering concerns over the US-China trade dispute could continue to pressure the AUD/USD and NZD/USD or at the least limit their upside potential if there is a short-covering rally. The fact that both Forex pairs haven’t “crashed” suggests that investors feel that some solution will be reached as long as both parties are still at the negotiation table.
Investing.com - The dollar pushed higher against a currency basket on Monday, boosted by the diverging monetary policy outlook between the U.S. and Europe, while the yen remained supported as trade tensions underpinned safe haven demand.
The pair managed to reverse its positions in the Friday’s session after falling vehemently the previous session post the announcement from ECB. The market looks very concerned about the trade wars and its effect on the global trade scenario.
The bias is to the downside because the trend is down, however, if there isn’t any may news regarding US-China trade relations, traders may take the opportunity to book some profits and perhaps form a short-term bottom due to oversold technical conditions.
Based on Friday’s close at .7443, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the uptrending Gann angle at .7447.
Based on Friday’s close at .7443, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the former bottom at .7448.
The Australian dollar fell significantly during the week, crashing through a short-term uptrend line, and then of course the psychologically important 0.75 level underneath. We did not break below the bottom of the hammers from last month, but at this point it’s likely that closing as low as we did signify that we are going to.
The Australian dollar has initially tried to rally during the day on Friday, but then fell significantly down to the 0.7450 level. I believe that the market should continue to be negative overall as we are starting to see tariffs expand between the United States and China.
The euro was steady on Friday, as the U.S. dollar fell amid trade war concerns. U.S. President Donald Trump announced a 25% tariff on $50 billion of Chinese goods on Friday, with China threatening to respond. The two largest economies in the world have been in a tit-for-tat over global trade tariffs in recent months as the two struggle to reconcile their trade differences.
The euro attempted to rally from its worst week in 19 months, as the U.S. dollar fell amid trade concerns. U.S. President Donald Trump announced he would impose tariffs on $50 billion of Chinese goods, which will be revealed on Friday. The euro was higher but still remained under pressure after the European Central Bank indicated on Thursday that it would hold interest rates steady until at least the summer of 2019.
The Euro fell hard during the yesterday’s session wiping out the entire up move after ECB announced that it is not going to change the interest rate and cutting the QE by only half, which was the big dampener for the market. The British Pound initially rallied a bit but fell hard afterwards in the yesterday’s session after the ECB announcement came. The AUD fell hard during the yesterday’s session reaching towards its major trend line as the market turned negative due to the knock-on effect of ECB announcement.
Investing.com – The yen slid against the dollar on Friday morning trade in Asia after the Bank of Japan kept interest rates unchanged, in line with market expectation, even as the U.S. is set to release an updated list of Chinese products to target with tariffs.
The Australian dollar fell during the trading session on Thursday, reaching towards a major trendline, but as I record this it looks as if we are going to find buyers underneath. I think that if we can hold this trendline, it’s likely that we will continue to go higher.
Based on the early price action of Friday, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to yesterday’s close at .7477.