|Day's Range||0.703 - 0.705|
|52 Week Range||0.6833 - 0.7464|
Today, the GBP/USD pair maintained a strong downtrend amid rising Brexit uncertainities. Meanwhile, Lower-than-expected June Producer and Import Prices provided the extra ammunition to the resilient USD/CHY bulls.
The Aussie dollar rallied a bit during the trading session on Monday, reaching towards the shooting star that formed last week. This shows the importance of the 0.7050 level, an area that has turned the market around again. However, we are reaching towards that level in a push to break out.
Investing.com - The U.S. dollar rose on Monday, as manufacturing activity in New York posted its biggest increase in more than two years.
China’s quarterly GDP lowered concerns around growth rates, slightly exceeding expectations. In Q2, the growth rate of the country’s economy increased to 1.6% which is higher than expected. It is also better than 1.4% it was in the first three months of the year.
Based on the early price action and the current price at .7031, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the Gann angle cluster at .7031.
Stronger numbers from China are likely to be supportive for the Aussie and Kiwi early in the week, but look for volatility to return and a potential change in trend later in the week with the release of the Australia labor market data and the New Zealand consumer inflation report.
Investing.com - The U.S. dollar was near flat on Monday in Asia as rising inflation failed to deter expectations that the Federal Reserve will cut interest rate this month.
It’s a big week ahead, with key stats, corporate earnings, and geopolitical risk to provide the majors with direction through the week.
Based on Friday’s strong upside momentum and the close at .7021, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the 50% level at .7030.
Investing.com -- The dollar was broadly weaker across the board early Friday in Europe, with commodity currencies making a comeback after two days of Congressional testimony from Federal Reserve Chairman Jerome Powell that made a bias to easing monetary policy crystal clear.
Investing.com - The U.S. dollar retreated on Thursday in Asia after Federal Reserve chairman Jerome Powell signalled the central bank is ready to cut interest rates soon.
Investing.com - The U.S. dollar index steadied on Wednesday in Asia ahead of a speech by Federal Reserve Chairman Jerome Powell, who is due to appear before Congress on Wednesday and Thursday for his semiannual testimony.
Investing.com - The U.S. dollar rose towards a three-week high on Tuesday as hope dampened that the Federal Reserve will ease monetary policy aggressively, while worry over U.S.-China trade tensions hitting corporate profits contributed to an equity sell-off on Wall Street.
BoJ Governor mentioned that the Bank would make necessary adjustments in the monetary policy to attain its inflation target. After facing a severe pullback on July 5, the EUR/USD pair had appeared to cling near 1.1228 mark.
The Australian dollar has rallied slightly during the trading session on Monday but continues to be in a very tight consolidation region around the psychologically important 0.70 level. That being the case, the market is very noisy, as we decide the future direction.
Based on the early price action, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the uptrending Gann angle at .6972.
Investing.com - The U.S. dollar slipped on Monday in Asia after jumping to a three-week high on a better-than-expected jobs report that dampened expectations the U.S. Federal Reserve will cut rates aggressively to combat a slowing economy.
Powell is likely to reiterate his “wait and see” and “data determinant” approach. He’s not likely to tip his hand because he knows he can impact the financial markets. No matter what he says, the markets will be impacted. He just want to minimize the volatility.
It’s a busy week ahead on the economic calendar, but it all may come down to FED Chair Powell’s testimony and updates from trade talks…
Positive news from the G20 Summit got the week off to a positive start, with a jump in nonfarm payrolls wrapping things up on Friday… There was plenty in between, however.
Based on the early price action, the direction of the AUD/USD into the close is likely to be determined by trader reaction to the intermediate Fibonacci level at .6967.
The Australian dollar pulled back during the week, breaking back below the 0.70 level underneath. However, we did find quite a bit of volatility during the week as we have the jobs number.
The Australian dollar broke down rather significantly during the trading session on Friday, reaching down below the 0.70 level. The 50 day EMA is sitting just below and turning to the upside. Ultimately, this is a market that has somewhere to be, and we will find out where that is shortly.