|Day's range||0.682 - 0.682|
|52-week range||0.6672 - 0.7393|
Mixed comments about the status of trade talks between the United States and China encouraged some investors to seek shelter in the safe-haven Japanese Yen. The Australian Dollar closed lower last week after the country’s employment report for the month of October created a surprise disappointment among investors. The New Zealand Dollar finished the week sharply higher after wholesale interest rates spiked after the Reserve Bank left its official cash rate (OCR) unchanged at 1 percent.
While economic data will influence, Beijing and Washington will likely have the greatest impact on risk appetite in the week ahead.
The Australian dollar has fallen during most of the week but has also seen a nice bounce from previous areas of interest, suggesting that they are trying to build up enough momentum to turn this thing around.
The Australian dollar has bounced a bit during the trading session on Friday, perhaps in a correction to the overreaction of the Australian employment figures. While we did break down due to those employment figures, the reality is that this pair is about US/China, and not much more.
The Australian and New Zealand currencies have settled down on Friday after considerable losses a day earlier. The Chinese yuan has posted small gains against the U.S. dollar.
The economic calendar shifts focus to the U.S Dollar. Following Powell’s positive outlook on the economy, retail sales will need to impress…
The Australian dollar got absolutely hammered during the trading session on Thursday as employment figures in Australia missed horribly. In fact, while initially expected to be a reading of 16,000 jobs added, the figure actually came in at -19,000.
The AUD/USD is breaking the support trend lines (dotted blue), which could indicate the completion of the wave 4 (purple) and the start of a downtrend.
Investing.com - The U.S. dollar was unmoved on Thursday as the number of Americans applying for unemployment benefits rose to an unexpected five-month high and there were no new comments on monetary policy from Federal Reserve Chair Jerome Powell.
The Australian dollar has lost ground after disappointing employment numbers. The New Zealand dollar and Chinese yuan are showing limited movement.
Based on the early price action and the current price at .6795, the direction of the AUD/USD the rest of the session on Thursday will be determined by trader reaction to the main 50% level at .6800.
The selling pressure on the Aussie and Kiwi is likely to continue on Thursday unless there is a positive development over the trade deal. Even if that is the case, the move is likely to be fueled by short-covering rather than new buying.
Particularly weak economic data weighed on the risk appetite early on, with a busy day of stats likely to test the markets further in the day.
Investing.com - The U.S. dollar inched up on Thursday in Asia following prepared remarks from Federal Reserve Chairman Jerome Powell. The Australian dollar dropped after the release of weak employment reports.
The Australian dollar has initially tried to rally during the trading session on Wednesday, but rolled over significantly, reaching towards the 0.68 level. Beyond that, there is also a major technical indicator right there.
It is the New Zealand dollar’s day to shine. The currency is up over 1.0%, after the RBNZ did not cut rates, as expected. The Australian dollar and Chinese yuan are steady.
The RBNZ said that while inflation remained below the 2 percent target mid-point, economic developments since August did not warrant a change to “the already stimulatory monetary setting at this time”.
Based on the early price action, the direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at .6840. Nine days down puts AUD/USD in window of time for closing price reversal bottom. Watch trader reaction to Tuesday’s close at .6841.
The RBNZ held rates steady, leading to a surge in the Kiwi, while the Greenback was under early pressure following Trump’s Tuesday speech…
Investing.com - The New Zealand dollar gained more than 1% on Wednesday in Asia after the country’s central bank unexpectedly left interest rates unchanged.
The Australian dollar went back and forth during the trading session on Tuesday, as we have reach down towards the 50 day EMA but then bounced a bit. Ultimately, this is a market that looks as if it is trying to catch its footing.
Based on the early price action, the direction of the AUD/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at .6850.
The Australian dollar and Chinese yuan are trading sideways, shrugging off key Australian and Chinese releases. The New Zealand dollar is lower against the greenback.