|Day's range||0.709 - 0.711|
|52-week range||0.6919 - 0.7815|
Dubiousness Arise Over May’s winning in the third Meaningful vote; USDJPY settles neutral; Commodity-linked-CAD surge later the day
The Australian dollar rallied a bit during the trading session on Monday, as we continue to see bullish pressure in this market. This is a market that of course is highly sensitive to the US/China situation, so keep in mind that volatility will be a main attraction.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the short-term 50% level at .7105.
There is only one report today in the U.S. the NAHB Housing Market Index is expected to come in at 63, up from 62. However, all eyes will be on the RBA minutes early Tuesday. After the initial reaction to the news, investors will shift their focus back to the U.S. Federal Reserve’s announcements on Wednesday at 1800 GMT.
The Euro initially rallied during Friday’s session but witnessed strong resistance at the 1.3333 level and pulled back a bit. As ECB not considering on any rate hikes for at least a year or even longer, the pair will continue to experience pressure on every rally. Given this case, the market will continue to consolidate and if the pair get a massive break down, then 1.12 level underneath will offer strong support. …Read MoreGBP/USD
It’s risk-on through the early part of the day, which sees the Dollar on the defensive once more, A light economic calendar put the FOMC in focus.
Based on last week’s price action and the close at .7087, the direction of the AUD/USD this week is likely to be determined by trader reaction to the main 50% level at .7079.
Investing.com - The U.S. dollar continued to slide on Monday in Asia following the release of Friday's weaker-than-forecast U.S. economic data.
As far as the RBA is concerned. The minutes may clarify how many policymakers are in favor of a rate cut and how many are in favor of a rate hike. The market has already spoken, pricing in a rate cut for August.
GBP remains silent ahead of the Third Meaningful Vote in the next week; Better than expected US Consumer Sentiment Index; AUD & NZD rebounds losses
The Australian dollar fell during the week initially, but then found plenty of buyers underneath the continue to press towards the upside. At this point, it’s obvious that we have a major support level just below us, and I think the market is trying to change the overall trend.
The Australian dollar rallied a bit during the trading session on Friday but gave back some of the gains as we approach the vital 0.71 handle. This is an area that will continue to be noisy overall, but I see a massive amount of support underneath that should continue to be a major factor in this market.
Positive developments over U.S.-China trade relations are likely to continue to boost demand for the Australian and New Zealand Dollars. The Forex pairs could receive an additional boost if U.S. government reports come in weaker-then-expected.
The Euro rolled over during Thursday’s session, soon after reaching towards the 50 Day EMA slope, as it offered plenty of resistance. Given ECB’s loose attitude towards monetary policy and slow down in growth, the pair is expected to find extreme difficulty breaking above. There is a lot of resistance upside built near the 1.14 and 1.15 level with strong support placed near the 1.12 level. …Read MoreGBP/USD
Optimism on trade and the Brexit delay supported risk appetite early on. Economic data out of the U.S will need to be good to reverse early losses.
Investing.com -- The British pound is drifting lower against the dollar and euro early Friday in Europe, consolidating this week’s gains as the market takes stock of a tumultuous few days in the Brexit process.
The pair is witnessing strong buying at the lower levels, which helped it break above the 1.13 level in Wednesday’s session, reversing much of the bearish sentiment. If the pair breaks above the 50 Day EMA, which is currently offering a bit of resistance, then it can reach much higher.
The Australian dollar pulled back a bit during the trading session on Thursday, offering yet another opportunity to pick up the Aussie “on the cheap.”
With Australian futures fully pricing a quarter point cut in the 1.5 percent cash rate as soon as August, the AUD/USD is likely to remain under pressure over the near-term. The NZD/USD is also likely to follow the Aussie Dollar lower. Furthermore, stable rates in the U.S. are also expected to exert pressure on the two currencies.
Investing.com - The British pound edged lower in early European hours on Thursday, easing off Wednesday's nine-month high posted after U.K.lawmakers voted emphatically against leaving the EU without a transitional deal.
Investing.com - The British pound fell on Thursday in Asia after U.K. lawmakers voted to reject leaving the EU without a withdrawal agreement. The yuan also slid following the release of below-forecast factory output data.
Positive Durable Goods Order data merely supported the plunging USD Index; Yen to remain silent amid risk-sentiments; AUD drifts near two-month low