• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Forex News

AUD May Extend Gains on RBA Rate Decision After Wall Street Bounce

Forex Tips by Forex Tips
July 6, 2020
in Forex News
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Australian Dollar, AUD/USD Analysis, Coronavirus, RBA – TALKING POINTS

  • Wall Street equity markets rallied despite a growing number of coronavirus cases
  • Australian Dollar may gain on RBA rate decision if outlook points to stabilization
  • AUD/USD punctured 0.6911, but early-January resistance above it may cap gains

Wall Street equity markets ended the day with the Dow Jones, S&P 500 and Nasdaq indices closing 1.78, 1.59 and 2.21 percent higher, respectively. The S&P 500 benchmark’s gains were supercharged by the consumer discretionary subcomponent, specifically by internet and direct marketing retail stocks. These included Amazon, (AMZN), Booking Holdings Inc (BKNG), eBay (EBAY), and Expedia Group Inc (EXPE).

The risk-on tilt in market mood punished the haven-linked US Dollar and anti-risk Japanese Yen, while the cycle-sensitive Swedish Krona and Norwegian Krone prospered. The Australian and New Zealand Dollars were mixed, while the Canadian Dollar and politically-sensitive British Pound ended the day in a sea of red. Optimism about economic stabilization permeated asset classes despite a rising number of coronavirus cases.

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Dimitri Zabelin

Improve your trading with IG Client Sentiment Data

Tuesday’s Asia-Pacific Trading Session

Risk appetite may echo into Asia-Pacific markets and push APAC stocks higher at the expense of anti-risk assets like JPY and USD. The RBA rate decision will be the session’s biggest event risk, placing the Australian Dollar in the spotlight. Officials are not expected to change the Overnight Cash Rate (OCR), but commentary from monetary authorities on signs of economic stabilization may inspire a rally in the Australian Dollar.

Be sure to follow me on Twitter @ZabelinDimitri for market-moving updates

AUD/USD Analysis

After timidly trading below the second tier of the 0.7018-0.6911 range, AUD/USD appears to be lacing up its bootstraps as it scales a mountain it previously fell off of in early June. Failure to break above the early-January swing-high for a second time could catalyze an aggressive selloff if capitulation broadcasts an underlying lack of confidence in the pair’s upside potential in the near term.

AUD/USD – Daily Chart

Chart showing AUD/USD

AUD/USD chart created using TradingView

— Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter





Source link

Share76Tweet47

Related Posts

Oil Price Outlook Mired by Rebound in Crude Production

Crude Oil Prices Struggle Even as Powell Highlights Strong Recovery

by Forex Tips
April 12, 2021
0

CRUDE OIL PRICE OUTLOOK:Fed Chair Jerome Powell said in a TV interview that the US economy is poised for...

MXN/JPY Breakout, USD/MXN Breakdown in Focus

USD/MXN Tumble Continues Despite Banxico’s Message of Caution

by Forex Tips
April 11, 2021
0

USD/MXN Forecast: Bearish USD/MXN has seen its price decline for a third consecutive week and is now just shy...

AUD/JPY, AUD/USD Breakout Ahead of September RBA Meeting

Dovish RBA to Counterbalance Robust Chinese GDP Print

by Forex Tips
April 10, 2021
0

Australian Dollar Fundamental Forecast: BearishThe RBA’s semi-annual Financial Stability Review, and concerns surround AstraZeneca’s vaccine, may continue to drive...

XAU/USD Technical Breakout Eyes 2011 Record Highs

Gold and Crude Oil Prices May Fall into the Weekend, Eyes on US PPI after Chinese Beat

by Forex Tips
April 9, 2021
0

Gold, XAU/USD, Crude Oil, US Dollar, Treasury Yields, PPI, Commodities Briefing - Talking Points:Gold prices gain as US Dollar...

ECB Moral Suasion May Affect Lingering Euro

Euro Stoxx 50 Fades From Post-Pandemic High, Broader Rally Remains Intact

by Forex Tips
April 8, 2021
0

EURO STOXX 50 TALKING POINTSEuro Stoxx 50 declined by 0.34%, settling just below a post-pandemic high of 3,986Investors shift...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.