AUDUSD, Weekly & Daily
The second quarter starts with a busy week and markets are looking ahead to the key meeting between Chinese and U.S. leaders and the future of trade relations. U.S. jobs data at the end of the week and ECB and FOMC minutes will also be mainly in focus. Australia’s calendar also is busy this week, highlighted by the Reserve Bank of Australia’s meeting tomorrow, with RBA expected to hold rates steady at the accommodative 1.50% setting. Governor Lowe provides remarks at the Reserve Bank Board Dinner tomorrow as well. The disappointing retail sales report out of Australia drove AUDUSD to a four-session low at 0.7591. The dollar majors have been mostly steady in early week trade. An FT interview with Trump raised eyebrows as he threatened he would, if necessary, take unilateral action to eliminate the North Korean nuclear threat, though market impact has been limited.
However, with almost all economic data of the day to already released the focus will now be on RBA and its upcoming meeting. Currently AUDUSD trades above the 0.7600 level after this morning’s economic outcomes and its four-session low. In general, pair has been in a down trend for the last two weeks and this is likely to be continued, if AUDUSD stays below 0.7600. Hence in the anticipation of tomorrow’s RBA Rate statement, if the pair manage to break down through the key level of 0.7600 and trades lower than last week’s lower low of 0.7587, then there is a possibility of further weakness. Next support area will be at 0.7550.
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