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The Australian dollar continues to grind sideways just below an important technical figure, so it makes sense that we simply can’t get anywhere. With that being the case, more sideways and listless trading is probably ahead.
The rebound in China’s economy did little to excite investors despite GDP, retail sales, industrial production, and fixed asset investments all showing signs of improvement.
Investing.com -- The euro is trading sideways against the dollar early Thursday in Europe, awaiting what are likely to be market-moving business surveys from around the region.
According to the Australian Bureau of Statistics, the Employment Change in March showed the economy added 25.7K new jobs versus an estimate of 15.2K. This was also well above the February number at 4.6K. The Unemployment Rate was 5.0%, the same as the forecast. This was up slightly from the previously reported 4.9%.
Based on the early trade, the direction of the AUD/USD on Thursday is likely to be determined by trader reaction to the price cluster at .7154 to .7153.
February’s employment report was mixed and in this week’s Reserve Bank of Australia minutes, the central bank didn’t sound too excited about the upcoming report. In the minutes, the RBA said that an uptrend in the unemployment rate would open the door to a rate cut.
Investing.com - The Australian dollar rose on Thursday in Asia on stronger-than-expected jobs data for March. The euro also inched up ahead of the release of euro zone PMI data later in the day.
The Australian dollar continues to grind a little bit higher during the trading session on Wednesday, as we have seen a bit of a bottoming pattern for some time when it comes to the Aussie. There is nothing on this chart that change is that as I look at it.
The Dollar’s on the back foot following stats out of China this morning. It may not last though if there’s a resolution to the trade war…
China data was skewed to the positive. Whilst failing to spur the equity markets, the EUR and the Aussie Dollar benefited.
It’s back into the red for DASH. A hold onto $119 levels will be key to avoiding a pullback to $117 levels later in the day.
Investing.com -- The dollar was broadly lower in early trading in Europe on Wednesday after China’s slightly faster-than-expected economic growth in the first quarter encouraged a new leg up in commodity currencies.
Investing.com - The Australian dollar gained on Wednesday in Asia after China, its biggest trading partner, reported strong GDP data.
The Australian dollar pulled back a bit during the trading session on Tuesday but found enough buyers to turn around of form a somewhat supportive looking candle. We are pressing the 200 day EMA though, so that should be paid attention to.
Bitcoin decreased by almost 2% in the last 24 hours and is trading at around $5100. The benchmark cryptocurrency attempted to break through $5200, but again faced sales pressure, and as the price dropped, trading volumes grew.
Given the current downside momentum, the AUD/USD appears to be headed towards a long-term uptrending Gann angle at .7129. We could see a technical bounce on the first test of this angle. If it fails then look for the selling to extend into .7109.
A new trading week brings new opportunities. Have you read “The Black Swan: The Impact of the Highly Improbable”? The main idea of the book is simple: we should be ready for unpredictable events.
Investing.com -- The dollar was still trading sideways in early trading in Europe Tuesday, after dipping late Monday on the back of comments from the Federal Reserve’s Charles Evans suggesting that there will be no change in interest rates for over a year.
The minutes showed that policymakers saw a marked slowdown in the Australian GDP that offset the sustained labor market growth. The minutes also revealed that policymakers expect inflation to remain muted for some time. Additionally, the minutes disclosed the RBA discussed interest-rate cuts at its April board meeting and concluded there was “not a strong case” for an adjustment in the near term.
Bitcoin Cash ABC looks set for another rally, providing much-needed support to the broader market. Bitcoin will need to hold on though…
Investing.com - The Australian dollar fell on Tuesday in Asia following the release of dovish sounding Reserve Bank of Australia meeting minutes.
The Australian dollar did very little during the day on Monday, but that’s not a huge surprise considering how bullish the move on Friday was. Overall, the market continues to look bullish in general, but we should also keep in mind that there are external factors that we need to pay attention to.