Canada will announce its monthly GDP on July 31, at 15:30 MT time.
AUD: is the bottom touched already?
Information is not investment advice
In July 2019, AUD/USD formed two peaks. The higher one is 0.7080, which is the major resistance level, being also a 9-months high. The lower one is 0.7030 – the price climbed right to it on December 31, but then reverted downwards. Since then, every day AUD/USD moved further and further down, mostly due to increasingly dovish expectations from the RBA’s interest rate decision in February. On the daily chart, it has crossed the 200-day Moving Average and is testing the 50-day MA at the level of 0.6877. If the price drops to the nearest support of 0.6850 and then crosses the 100-day MA, it will come to test the lower border of the 4-months upward trend and challenge it as such. That is a possibility, taking into account the Awesome Oscillator – the peak is already formed, giving a high likelihood of a decline in the following steps.
Nevertheless, analysts also foresee a possible reversal upwards in the short-term for the AUD. Will that be the case? Read the news with FBS and stay updated.
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.