Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Antipodeans jump on the Fed Chair comments about the rate cut
Information is not investment advice
Oh, what a rise! Antipodeans jump on the Fed Chair comments about the rate cut.
- The bullish candlesticks on H4 of both NZD/USD and AUD/USD look impressive and give us a fear of missing out. That's not a surprise, as the Fed chair Jerome Powell signaled openness to rate cut due to trade uncertainties and weaker economic outlook. His remarks weakened the USD and pushed other currencies higher against it.
- NZD/USD jumped by 48 pips to the resistance at 0.6652. The next key resistance will lie at 0.6666. From the downside, the support levels are 0.6634, 0.6626 and 0.6619.
- AUD/USD tested the resistance at 0.6960 (100-period SMA). The next resistance will lie at 0.6968. In the case of the fall, the first support will lie at 0.6949 (200-period SMA). After the breakout, expect the further fall to the 0.6930 level.
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.
Services and Manufacturing PMIs are out on Wednesday at 11:30 MT time.
The market sentiment remains risk-off amid rising virus cases around the world and fears over new restrictions and lockdowns.