Aussie In Market Cross Hairs
Anna Coulling | Aug 04, 2015 12:25AM ET
The commodity dollar now coming into the market’s cross hairs is, of course, the Aussie where a string of key releases are due in the coming hours. The data kicks off with retail sales, expected at 0.5% against a previous of 0.3%, along with the Trade Balance numbers where the forecast is for -3.06B against a previous of -2.75B. Later in the session we have the Cash Rate and RBA Rate Statement, so plenty going on in the Asian session.
From a technical perspective, and looking at some hourly charts, the Aussie dollar has been attempting to rise as denoted by the currency strength indicator, and particularly against the New Zealand dollar, and it is also reflected on the 4-hour CSI where they have crossed. Whether the buying continues — given the news releases later — remains to be seen.
For the AUD/USD, Friday’s failure to take out the 0.7365 resistance has seen the pair move back through the volume point of control in the key 0.73 region before 0.7260 held firm earlier today. 0.7260 also managed to give AUD/USD a very minor spring higher to 0.7286 before Friday’s bearish sentiment once again took hold. However, given the upcoming data for the Aussie the key level for AUD/USD is 0.7233 – July’s low for the pair. Should this be taken out then expect to see bearish momentum accelerate for AUD/USD.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.