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Based on the current price at .7120 and the intraday downside momentum, the AUD/USD appears to be headed towards a long-term uptrending Gann angle at .7092. We could see a technical bounce on the first test of this angle. If it fails then look for the selling to possibly extend into the major 50% level at .7079.
Negative sentiment towards the global economic outlook weighed on the commodity currencies, with economic data and Brexit putting the Pound in Focus.
It’s a mixed start to the day for the majors, following Monday’s breakout. Bitcoin Cash ABC is amongst the front runners early on.
According to the minutes, the Monetary Policy Board saw “significant uncertainties” on the economic outlook. It also said it saw scenarios where interest rates could eventually rise, or fall. Additionally, it said the probabilities around these scenarios were more evenly balanced than before.
Investing.com - The Australian dollar traded lower after the Reserve Bank of Australia (RBA) minutes showed “significant uncertainties” on the economic outlook.
Bitcoin and legacy cryptos hit new monthly highs as positive price rally continues for the second week.
The Australian dollar has rallied significantly during the trading session on Monday, showing signs of resiliency yet again. After breaking the top of the last couple of shooting stars, that’s a very bullish sign going forward, and I think we are going to make a move to the upside, perhaps the 200 day EMA.
The pair is getting hammered due to ECB’s dovish attitude and weak economic numbers from the European Union. The pair is likely to continue consolidating between the 1.12 and 1.15 level and will also remain volatile.
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 Fibonacci level at .7153.
This week, the economic news shifts back to the Australian Dollar. The week will start with the Aussie supported by the resumption of trade talks between the United States and China, but this time in Washington. Both parties cited progress in last week’s trade talks which took place in Beijing.
DASH sees a bullish start to the day but faced resistance early to ease back. A break back through to $79 levels would give DASH a run at $80.
Investing.com – The Chinese yuan gained against the U.S. dollar while the greenback traded slightly lower on Monday in Asia, as the prospects of a Sino-U.S. trade deal improved investors’ appetite for riskier assets.
The Australian dollar went back and forth during the week but continues to find support at the same level that we have been paying attention to for some time. Because of this, I think that we do have more of an upside risk than anything else.
Bitcoin and other major crypto coins have managed to retain positive action across the week and range bound action is likely to continue across the day.
The Australian dollar initially fell during the trading session on Friday but turned around to show signs of life again. Quite frankly, I think that the Aussie has found its bottom for the most part and that the market will eventually go higher.
Daily trading volume on the recently launched tZERO platform is less than 1% the total supply of the only listed security token.
With the poor economic numbers from the US, the market is likely to favour a move to the upside and try moving towards the top of the consolidation phase to the 1.15 handle. The pair is now testing support at the 50% Fibonacci scale, and next major support is at the 1.27 level, which is the 61.8% Fibonacci retracement level. The market is likely to remain choppy and with poor economic numbers from the US, AUD is likely to gain a bit of momentum.
Theresa May’s troubles continue to pin back the Pound and the stats have provided little help. More swings on the cards later today.
Based on the early price action, the direction of the AUD/USD on Friday is likely to be determined by trader reaction to the 50% level at .7079 and the uptrending Gann angle at .7074.
The bulls will be targetting a move through to $3,700 levels. With resistance on the higher side, being able to hold on will be of greater significance.
Investing.com -- The dollar was edging higher against major European currencies early Friday in Europe after weak Chinese inflation data overnight reinforced concerns about global growth.