Indices and Stocks in the Red
The stock market has reversed, and now it’s going lower and lower…
AUD jumped after job data
Information is not investment advice
AUD approaches the strong resistance at 0.7185. What may happen next?
Fundamental overview
Today Australia reported that 114 700 its citizens found jobs in July. That numbers beat all estimates, as analysts anticipated only 30 000. Analysts may set such a low forecast because Australia was suffering from the fresh virus resurgence, especially its state Victoria. Australian unemployment rate exceeded expectations too: 7.5% vs predicted 7.8%.
As a result, the Australian dollar surged. Moreover, vaccine hopes and decreasing new virus cases improved the market sentiment and underpinned the risky aussie. Do you know that Australia is the second largest producer of gold after China? Last year Australia produced the record amount of yellow metal. Therefore, if the USD gets weaker and the gold price rises further, the AUD may become the best performer on the Forex market.
Technical tips
On the 4-hour chart we can see that AUD/USD bounced off the support line a 0.7115. It has broken out through the resistance at 0.7145 and two moving averages. The move above the high of August 11 at 0.7185 will drive the price to the high of August 7 at 0.7215. On the flip side, if it breaks down 0.7145, it may fall further to the support line at 0.7115.
Follow the speech of the governor of the Reserve Bank of Australia at 2.30 MT time on Friday! If the RBA’s tone is hawkish, the AUD will rise. Otherwise, if the RBA’s tone is dovish, the AUD will fall.
Similar
Will the US economy lead the world into a global recession?
Whenever inflation exceeds 4% and unemployment falls below 5%, the US economy enters a recession in two years.
Oil near $130 is a nightmare for inflation
Oil markets were under great pressure amid increased demand and falling supply. OPEC+ is unable or unwilling to achieve its self-imposed production targets and insists on limiting production increases by 400,000 barrels per day despite rising prices.
Popular
Indices and Stocks in the Red
The stock market has reversed, and now it’s going lower and lower…
Walmart earnings outlook
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
Japan's inflation is at 2%, but what about a weaker Yen?
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
Choose your payment system
