Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Does the AUD stand a chance?
Information is not investment advice
The Australian NAB Business Confidence indicator will be announced at 02:30 MT time on Tuesday.
Instruments to trade: AUD/USD, AUD/NZD, AUD/JPY, AUD/CHF
Needless to say, Australia is not in the best company of circumstances now. Climate change keeps torturing the country by repeating statewide bushfires. At the same time, the coronavirus reduces the country’s most extensive source of trade income – China. No surprise, the last two monthly indicators were below 0, which means worsening economic conditions. Consequently, the AUD stands little chance against other currencies. Will the picture improve this week? Fundamentals say, unlikely. Still, there is always a factor of unexpected change. In the end, the market cannot know everything (if you like to know how well the market “knows” things, you can check our investigation on the Efficient Market Hypothesis).
- If the indicator is higher than predicted, the AUD will rise.
- If the indicator comes lower than the forecast, the AUD will fall.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.