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The Australian dollar has rallied again during the day on Monday as we continue to build pressure to the upside. Ultimately, this market looks for some type of momentum to finally break out and smashed the downtrend that we have been in.
Based on the early price action and the current price at .7040, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the downtrending Gann angle at .7036.
The markets have priced in a 25-basis point Federal Reserve rate cut on July 31. The source of volatility this week for Aussie and Kiwi traders will be whether there will be a 50-basis point rate cut. There are no Fed speakers scheduled this week so traders are going to have a hard time determining the chances of the more aggressive half-percentage point rate cut. Therefore, brace yourself for a potential choppy, two-sided trade.
Investing.com - The U.S. dollar inched up on Monday in Asia as investors turned their attention to global central bank decisions scheduled for the next two weeks, starting with the European Central Bank which meets on Thursday followed by the Bank of Japan and then the Federal Reserve next week.
It’s a big week ahead for the markets. Earnings, economic data, Iran, trade war chatter, and the ECB are all in focus.
Australian and New Zealand Dollars both benefited from expectations of a rate cut by the Fed. The Aussie also picked up strength after the release of the Reserve Bank of Australia Monetary Policy Minutes and steady employment data. The Kiwi was supported by consumer inflation data that met expectations.
The Australian dollar spent most of the week rallying above the significant resistance barrier that had been keeping this market down for some time. The fact that we have pierced that level is of course very bullish overall.
The Australian dollar had originally broken out of major resistance during the trading session on Thursday, and on Friday pulled back a bit from those extreme highs based upon the daily candle stick on Thursday. That of course is typical, because we had pierced major resistance, so it should now be major support.
It’s back into the red for the majors in the early hours. There could be a bounce-back should key levels be avoided going into the afternoon.
Investing.com - The U.S. dollar inched up on Friday in Asia even after Federal Reserve officials bolstered expectations of an aggressive rate cut this month.
At around 19:40 GMT, the US Dollar Index was -0.47% down as the Initial Jobless Claims computed since July 12 reported adverse statistics. The Swiss Franc pair showcased breakdown out of the 8-day old symmetrical triangle vicinity.
The Australian dollar rallied a bit during the trading session on Thursday but still faces significant resistance just above. With that being the case it looks as if we are about to take on a serious level in the market that could change things going forward.
It’s a bullish start to the day. A move through to 78.5 levels would bring $80 back into play. Steering clear of $76.5 will be key on the day.
The majors are on the move early on. Holding onto key levels through the morning will be key to avoiding a reversal, however…
It was a mixed bag on the data front in Asia as Japan sees exports tumble. Corporate earnings also disappointed as trade war angst returns…
Investing.com - The U.S. dollar slipped on Thursday after the International Monetary Fund (IMF) said the currency is overvalued, while a rebound in the pound also weighed.
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The Australian dollar tried to rally during the trading session on Wednesday but failed and rolled over again to test a major round figure. Ultimately, this is a market that is trying to break out to the upside but doesn’t quite have the momentum.