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Technical analysis: on H4 of AUD/CAD, the pair touched the resistance at 0.9189 and rebounded. Up to now, the pair has been moving to the support range of 0.9163-0.9153. If it closes below this range, we can anticipate a further fall to 0.9135. However, we see that Parabolic SAR still signals an uptrend and the pair will recover anytime. Look at resistances at 0.9189 and 0.9214.
Fundamental factors: on July 17, the CAD will be affected by the CPI release. In case of the encouraging data, the pair will turn around targeting 0.9189 again. If the data disappoints, be ready for a further fall.
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
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The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?
