Gold: as high as old
Where are we going with gold? Let's make a step back - or, rather, travel back in time to throw a strategic look at the gold price.
AUD/USD is stuck below 0.70
Information is not investment advice
The next week may definitely be called Australian due to the huge amount of economic releases.
Fundamentals
AUD/USD has been fluctuating in a 100-pip range between 0.6925 and 0.7025 in almost two weeks. The upward rally has slowed down because of escalating tensions between China and Australia. Moreover, increasing numbers of coronavirus cases deteriorated the market sentiment and pushed down the risky aussie. Yesterday the mixed data from Australia was released. The employment change came out better than anticipated: 210 800 people found new jobs, while the forecast was only for 106 000. Unfortunately, the 7.4% unemployment rate exceeded expectations by 0.2%. The AUD slightly surged after the report, but then fell down. Today the US consumer sentiment will have a huge impact on the pair performance. Stay tuned at 17:00 MT time. Also, pay attention on the next week as it will be full of the Australian data:
- The head of the Reserve Bank of Australia Philip Lowe will make a statement on Tuesday, July 21 at 5:30 MT time.
- The next day retails sales will be released at 4:30 MT time.
- On July 24 the Australian PMI will be reported at 2:00 MT time.
Technical tips
AUD/USD bounced back from the key resistance at 0.7025, but met the strong support at 50-period moving average at 0.6965. The resistance level is at the key psychological mark at 0.7000. If it crosses it, the pair will surge to the next one at 0.7025. The support is at 0.6965. The move below will drive the price lower to the next support at 0.6925. Follow economic releases and trade accordingly!
Similar
GBP/USD is eyeing 1.30
The British pound is climbing up for the 7th day in a row. Will it keep rallying?
USD: end of supremacy
Is the USD going to lose its badge of a primary safe-haven currency? In the coming months, very possibly.
Popular
COVID VACCINE KEEPS TRADERS OPTIMISTIC
Futures tracking the S&P 500 index hit a record high on Tuesday as investors shrugged off simmering US-China tensions to bet on a stimulus-led economic recovery from the COVID-19 pandemic.
Gold fell below $2 000 first time in a week
XAU/USD is decreasing for the third day in a row. What are the reasons?
Exuberance and Optimism Keep Going
Russian health ministry has approved coronavirus vaccine developed by Moscow's Gamaleya Institute. He hopes Russia will start mass production of coronavirus vaccine very soon.
Choose your payment system
