Powell: Fed Ready To Act To Material Changes To Inflation Expectations

Trading 02 oct 2018 Commentaire »

Federal Reserve Chairman Jerome Powell delivered remarks on monetary policy in the current environment of low inflation and low unemployment in remarks at the annual meeting of the National Association for Business Economics on Monday.

Powell noted forecasts for the unemployment rate to remain below 4 percent and inflation to remain near 2 percent through the end of 2020 reflect a remarkably positive outlook from the standout point of the Fed's dual mandate.

However, Powell acknowledged it is reasonable to question whether the forecasts are too good to be true, as low unemployment typically leads to higher wages and a subsequent increase in inflation in a dynamic known as the "Phillips curve."

Powell argued changes in the dynamic help account for the current forecasts for low unemployment and low inflation and said it is not likely the "Phillips curve" is "dead" or will "soon exact revenge."

"What is more likely, in my view, is that many factors, including better conduct of monetary policy over the past few decades, have greatly reduced, but not eliminated, the effects that tight labor markets have on inflation," Powell said.

"However, no one fully understands the nature of these changes or the role they play in the current context," he added. "Common sense suggests we should beware when forecasts predict events seldom before observed in the economy."

Powell recognized there are concerns about the outlook for inflation due to the low unemployment rate but said the Fed stands ready to "act with authority" if inflation expectations drift materially up or down.

"This historically rare pairing of steady, low inflation and very low unemployment is testament to the fact that we remain in extraordinary times," Powell said.

He added, "Our ongoing policy of gradual interest rate normalization reflects our efforts to balance the inevitable risks that come with extraordinary times, so as to extend the current expansion, while maintaining maximum employment and low and stable inflation."

Last month, the Fed announced its widely expected decision to raise interest rates by a quarter point, with another quarter point rate hike expected before the end of the year.


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Oil Settles Slightly Lower Ahead Of Inventory Data

Trading 02 oct 2018 Commentaire »

A day after recording the highest settlement price in nearly four years, crude oil futures edged down marginally on Tuesday.

However, prices still hovered near four-year highs amid fears of supply shortage due to loss of Iranian oil upon implementation of U.S. sanctions from early November this year.

Meanwhile, traders were looking ahead to crude oil inventory reports. The American Petroleum Institute is scheduled to come out with its weekly oil report later in the day, while the U.S. Energy Information Administration will release its crude stockpile data for last week, at 10:30 AM ET tomorrow.

Crude oil futures for November delivery ended down $0.07, or 0.09%, at $75.23 a barrel.

On Monday, crude oil futures ended up $2,05, or 2.8%, at $75.30 a barrel, the highest settlement since November 2014.

OPEC and top non-OPEC oil producers, including Russia, recently said they were not in any hurry to step up production, after the U.S. President Donald Trump made a call to them to increase output to offset loss of Iranian oil.

It remains to be seen how the leading crude producers are going to make up for the loss of oil exports from Iran, which is the world's fourth-largest oil producer and the third-largest exporter in OPEC.

Traders are also weighing the prospects of a likely drop in oil demand amid the trade dispute between the U.S. and China, the world's two largest economies.

Some analysts are of the view that escalating tension between the U.S. and China could hurt global economic growth and significantly curb consumer purchasing power.


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Treasuries Move Back To The Upside Amid Lingering Trade Concerns

Trading 02 oct 2018 Commentaire »

Treasuries moved to the upside over the course of the trading day on Tuesday, offsetting the weakness seen in the previous session.

Bond prices moved higher early in the session and remained positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.4 basis points to 3.056 percent.

The rebound by treasuries came amid lingering trade concerns even after President Donald Trump announced a new trade deal between the U.S., Mexico, and Canada to replace the North American Free Trade Agreement.

Trump praised the new United States-Mexico-Canada Agreement as an "historic transaction" on Monday but also said it is "too early to talk" with China about the escalating trade dispute between the two countries.

"Can't talk now because they're not ready," Trump said of China. "Because they have been ripping us for so many years, it doesn't happen that quickly."

He added, "If politically, people force it too quickly, you're not going to make the right deal for our workers and for our country."

Reports of the last-minute cancellation of U.S. Defense Secretary Jim Mattis' trip to China have added to the concerns about rising tensions.

Treasuries remained positive as Federal Reserve Chairman Jerome Powell delivered remarks at the annual meeting of the National Association for Business Economics in Boston.

Powell acknowledged concerns about the outlook for inflation due to the low unemployment rate but said the Fed stands ready to "act with authority" if inflation expectations drift materially up or down.

"This historically rare pairing of steady, low inflation and very low unemployment is testament to the fact that we remain in extraordinary times," Powell said.

He added, "Our ongoing policy of gradual interest rate normalization reflects our efforts to balance the inevitable risks that come with extraordinary times, so as to extend the current expansion, while maintaining maximum employment and low and stable inflation."

Reports on private sector employment and service sector activity may attract attention on Wednesday along with remarks by several Fed officials.


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Gold Settles At Near 2-week High

Trading 02 oct 2018 Commentaire »

Gold prices rose sharply on Tuesday, with traders building up long position in the yellow metal after the initial euphoria over the re-negotiated NAFTA deal waned and U.S.-China trade tensions rose after U.S. President Donald Trump said it was "too early" to negotiate with China.

Worries about Brexit and Italy's huge deficit budget too prompted traders to seek the safe haven of the yellow metal.

Gold futures for December ended up $15.30, or 1.3%, at $1,207.00 an ounce, the highest settlement in nearly two weeks.

On Monday, gold futures ended down $4.50, or 0.4%, at $1,191.70 an ounce.

Silver futures for December ended up $0.186, at $14.693 an ounce.

Copper futures for December settled at $2.8065 per pound, gaining $0.0190 for the session.

Concerns over the Italian budget prompted traders to pick up gold. Italian Prime Minister Giuseppe Conte reaffirmed his country's commitment to the Euro after an Italian lawmaker said that the country would resolve its problems by returning to its own currency.

"I'm totally convinced that Italy would resolve most of its problems with its own currency," Claudio Borghi, the economic head of the ruling League party, told RAI radio.

"Having control of one's own means in monetary policy is a necessary condition - although not sufficient - to carry out the ambitious and enormous project of renewal."

According to reports, Italy defied pressure from Brussels and its euro zone partners on Tuesday to water down ambitious budget plans. The government threatened to sue EU officials for causing a sell-off on Rome's financial markets.


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UK Construction Growth At 6-month Low

Trading 02 oct 2018 Commentaire »

UK construction growth was the weakest in six months in September, defying expectations for an improvement, as all three sub-sectors lost momentum.

The CIPS UK construction purchasing managers' index fell to 52.1 from 52.9 in August, survey data from IHS Markit showed on Tuesday. In contrast, economists had expected the index to rise to 53.1.

A PMI reading above 50 suggests growth in activity.

Several firms blamed the subdued economic conditions so far this year for holding back business activity growth.

Civil engineering was the worst performing sub-sector. Activity growth slowed in house building and commercial construction.

New work and employment grew robustly, but business optimism was at the second-lowest level since February 2013.

Political uncertainty and investor concerns about Brexit had dampened confidence in September, the survey said. Forthcoming energy and transport projects were the main areas of optimism.

New order growth was the strongest since December 2016, largely due to resilient demand and an upturn in new invitations to tender.

Employment grew robustly, at the fastest pace since December 2015, thanks to solid new order growth. A tight labor market conditions also played a part in framing long-term hiring policies.

Costs grew sharply at the fastest rate in three months due to strong demand for inputs amid higher fuel prices and greater raw material prices.

"This tale of feast and famine offers little in the way of reassurance and is more about holding on to stable growth than a sprint to the finish, Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, said.

"The weakest overall activity in six months shows that caution and Brexit concern remain roadblocks to strong growth."


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*Brazil Aug Industrial Production Down 0.3% On Month, Consensus +0.4%

Trading 02 oct 2018 Commentaire »

Brazil Aug Industrial Production Down 0.3% On Month, Consensus +0.4%


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GBP / USD Daily. Prospects for the development of the movement in October 2018. Analysis of APLs & ZUP

Trading 02 oct 2018 Commentaire »

Minute (Daily)

Great Britain Pound vs US Dollar

Previous review from 08/27/2018 15:25 UTC + 3.

____________________

Today, October 1, 2018, the GBP / USD movement is in the range of:

-> resistance level of 1.3149 (lower limit of ISL 38.2 balance zone of the fork of an operational scale Minute);

-> support level of 1.2949 (upper limit of the channel 1/2 Median Line pitchfork operating scale Minor);

The direction of the breakdown of which will determine the further development trend of the movement of the currency instrument in October 2018

____________________

The breakdown of the resistance level of 1.3149 (ISL 38.2 Minute)

-> the development of the GBP / USD movement will continue in the equilibrium zone (1.3149; 1.3310; 1.3480) of the Minute operating scale with a perspective (after the breakdown of ISL 61.8 Minute - resistance level of 1.3480) achieve the initial SSL line (1.3740) for the operating scale Minor.

Details are shown on the animated graph.

____________________

The prospect of the development of a downward movement (sell).

The breakdown of the support level of 1.2949 (crossing the upper borders of the 1 / 2 ML channels of the operational scale forks; Minor and Minute)

-> the development of the GBP / USD movement will continue in the 1/2 Median Line Minute channel (1.2949; 1.2830; 1.2710), and in the case of breakdown of the lower limit (1.2710) of this channel and updating of the local minimum of 1.2661, it will be possible to achieve the goals

-> 1/2 Median Line Minor (1.2570); the upper limit of the ISL 38.2 (1.2255) balance zone of the pitchfork of the operational scale Minor; the lower boundary of the channel 1/2 Median Line Minor (1.2200).

Details are shown at the animated graphics.

____________________

The review was compiled without taking into account the news background, the opening of trading sessions in the main financial centers and is not a guide to action (placing orders "sell" or "buy").

analytics5bb213eabe3cf.jpg

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GBP and AUD: in the pound, there is a test of large levels of support. RBA leaves policy unchanged

Trading 02 oct 2018 Commentaire »

Today, the Australian dollar fell in the first half against the US dollar, diluting the extremely low volatility that has been observed for a long time in the AUD / USD currency pair.

RBA decision

The interest rate decision of the Reserve Bank of Australia went against some investor expectations, even though most economists agreed that the rate would remain unchanged.

According to the data, the RBA left the key interest rate unchanged, at the level of 1.50%, stating that the rates correspond to the target levels of inflation and economic growth. The RBA expects GDP growth in 2018 to be on average slightly higher than 3.0%. A similar growth is predicted for 2019.

analytics5bb35bed9fab9.png

In general, the bank did not change its attitude to the unemployment rate with inflation, saying that further progress is expected in reducing unemployment and increasing core inflation, which is expected to be gradual. The Central Bank expects a decline in unemployment over the next two years.

The main cause of uncertainty for the country's economy is the large debt of households, as well as low wages. Additional problems, like for most other countries, create the United States because of its trade policy.

As for the technical picture of the AUD / USD currency pair, then the daily chart clearly shows the persistence of a long-term downtrend in the trading instrument. The immediate targets for the Australian dollar sellers are the lows of 0.7140 and 0.7080.

The United Kingdom

The British pound continued to decline against the US dollar amid uncertainty related to Brexit.

Let me remind you that today, it is necessary to pay attention to the speech of former Foreign Minister Boris Johnson, who will present his own concept of exit from the EU to party members. Tomorrow, British Prime Minister Theresa May will deliver an important speech on Brexit.

The PMI data for the construction sector put additional pressure on the British pound. According to the report, despite the construction of housing and commercial buildings, the pace gradually slowed down, which affected the index. PMI for the UK construction sector in September 2018 fell to 52.1 points from 52.9 points in August. An additional factor in the slowdown is the weak economic growth rate this year.

analytics5bb35bfb0179f.png

As for the technical picture of the GBP / USD currency pair, there is a very interesting situation.

On the daily chart, the pair fell to the 30-day and 50-day moving average and tested them, which already limits the downside potential in the pound.

Also, in the support area of 1.2940, the lower boundary of the new medium-term ascending channel, which was formed in the middle of August of this year, can be built, which will allow investors putting a positive outcome on Brexit to gain long positions in a pound at a good price.

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Fractal analysis of major currency pairs on October 2

Trading 02 oct 2018 Commentaire »

Dear colleagues.

For the currency pair Euro / Dollar, the price is near the limit values for the downward structure of September 24, in connection with which, we expect a rollback up. For the currency pair Pound / Dollar, the development of the main downward trend of September 20 is expected after the breakdown of 1.2955. The currency pair Dollar / Franc is following the development of the ascending cycle of September 21, and we expect further uptrend after the breakdown of 0.9852. For the currency pair Dollar / Yen, the price is still in the correctional area of the upward structure. For the Euro / Yen currency pair, we expect further downward movement after passing by the price of the range of 131.32 - 131.02. The currency pair Pound / Yen is following the downward structure of September 21 as the main one.

Forecast for October 2:

Analytical review of currency pairs in the scale of H1:

analytics5bb334298570e.png

For the Euro / Dollar currency pair, the key levels on the scale of H1 are: 1.1605, 1.1571, 1.1553, 1.1516 and 1.1496. Here, we continue to follow the development of the downward cycle of September 24. At the moment, the price is near the limit values and we expect a reversal upwards. The short-term upward movement is possible in the range of 1.1553 - 1.1571 and the breakdown of the latter value will lead to a prolonged correction. Here, the target is 1.1605 and this level is a key support for the downward structure.

The short-term downward movement is possible in the range of 1.1516 - 1.1496, hence we expect a key upward reversal.

The main trend is the downward cycle from September 24.

Trading recommendations:

Buy 1.1553 Take profit: 1.1570

Buy 1.1573 Take profit: 1.1603

Sell: Take profit:

Sell: Take profit:

analytics5bb3343db5b00.png

For the Pound / Dollar currency pair, the key levels on the scale of H1 are 1.3149, 1.3114, 1.3059, 1.2995, 1.2957, 1.2867 and 1.2803. Here, we are following the downward structure of September 20th. The short-term downward movement, as well as consolidation, is expected in the range of 1.2995 - 1.2957. The passage at the price of the range of 1.2995 - 1.2957 will lead to the development of a pronounced downward movement. Here, the target is 1.2867. The potential value for the bottom is considered the level of 1.2803, upon reaching which we expect a rollback to the top.

The correction is possible after the breakdown of 1.3059. In this case, the goal is 1.3114. The range of 1.3114 - 1.3149 is a key support for the downward structure, to the level of 1.3149, we expect the clearance of a potential structure for the top.

The main trend is the downward structure of September 20.

Trading recommendations:

Buy: 1.3060 Take profit: 1.3114

Buy: Take profit:

Sell: 1.2955 Take profit: 1.2870

Sell: 1.2864 Take profit: 1.2806

analytics5bb3344e79c8e.png

For the currency pair Dollar / Franc, the key levels on the scale of H1 are: 0.9907, 0.9852, 0.9826, 0.9785, 0.9759, 0.9729 and 0.9705. Here, we continue to follow the development of the ascending cycle of September 21. The short-term upward movement is possible in the range of 0.9826 - 0.9852 and the breakdown of the last value will lead to a pronounced movement. Here, the target is 0.9907, upon reaching which we expect a pullback downwards.

The short-term downward movement is possible in the range of 0.9785 - 0.9759 and the breakdown of the latter value will lead to an in-depth correction. Here, the goal is 0.9729 and the range of 0.9729 - 0.9705 is the key support for the top, before it we expect the initial conditions for the downward cycle.

The main trend is the upward structure of September 21.

Trading recommendations:

Buy: 0.9826 Take profit: 0.9850

Buy: 0.9855 Take profit: 0.9905

Sell: 0.9785 Take profit: 0.9763

Sell: 0.9755 Take profit: 0.9733

analytics5bb33461c99c6.png

For the Dollar / Yen currency pair, the key levels on the scale of H1 are: 114.32, 114.00, 113.83, 113.60, 113.36 and 113.01. Here, we are following the local ascending structure of September 13. The short-term upward movement is possible in the range of 113.83 - 114.00 and the breakdown of the last value will lead to a movement to the potential target of 114.32, upon reaching this level we expect a pullback downwards.

The short-term downward movement is possible in the range of 113.60 - 113.36 and the breakdown of the last value will lead to a protracted correction. Here, the target is 113.01 and this level is the key support.

The main trend: the local upward structure of September 13.

Trading recommendations:

Buy: Take profit:

Buy: 114.03 Take profit: 114.30

Sell: 113.60 Take profit: 113.38

Sell: 113.34 Take profit: 113.07

analytics5bb33476c51b0.png

For the Canadian dollar / Dollar currency pair, the key levels on the scale of H1 are: 1.2953, 1.2904, 1.2873, 1.2846, 1.2786, 1.2743, 1.2681 and 1.2645. Here, we are following the downward structure of September 27. The short-term downward movement is possible in the range of 1.2786 - 1.2743 and the breakdown of the latter value will lead to a pronounced movement. Here, the target is 1.2681. The potential value for the bottom is considered the level of 1.2645, upon reaching which we expect consolidation in the range of 1.2645 - 1.2681, as well as a rollback to the top.

The short-term uptrend is possible in the range of 1.2846 - 1.2873 and the breakdown of the last value will lead to a prolonged correction. Here, the goal is 1.2904 and this level is a key support for the downward structure of September 27. Its price will have the formation of the initial conditions for the upward cycle case target is 1.2953.

The main trend is the downward structure of September 27.

Trading recommendations:

Buy: 1.2846 Take profit: 1.2871

Buy: 1.2874 Take profit: 1.2902

Sell: 1.2784 Take profit: 1.2746

Sell: 1.2740 Take profit: 1.2684

analytics5bb334858f420.png

For the Australian Dollar / Dollar currency pair, the key levels on the scale of H1 are: 0.7261, 0.7236, 0.7221, 0.7186, 0.7168, 0.7144 and 0.7130. Here, we follow the downward structure of September 21. The short-term downward movement is possible in the range of 0.7186 - 0.7168 and the breakdown of the latter value will lead to the development of a pronounced movement. Here, the target is 0.7144. The potential value for the bottom is considered to be the level of 0.7130, upon reaching which we expect consolidation in the range of 0.7144 - 0.7130, as well as a rollback to the top.

The short-term uptrend is expected in the range of 0.7221 - 0.7236 and the breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.7261 and this level is the key support.

The main trend is the downward structure of September 21.

Trading recommendations:

Buy: 0.7221 Take profit: 0.7234

Buy: 0.7238 Take profit: 0.7260

Sell: 0.7186 Take profit: 0.7170

Sell: 0.7166 Take profit: 0.7146

analytics5bb33496145b2.png

For the Euro / Yen currency pair, the key levels on the scale of H1 are: 133.85, 133.16, 132.59, 131.32, 131.02, 130.34 and 129.97. Here, we follow the formation of a downward structure from September 25. The development of this structure is expected after the passage of the price of the range of 131.32 - 131.02. In this case, the goal is 130.34. For the time being, we consider the potential value for the bottom to be the level of 129.97, upon reaching which we expect a rollback to the top.

The short-term upward movement is possible in the range of 132.59 - 133.16 and the breakdown of the latter value will lead to the development of an upward trend. In this case, the goal is 133.85.

The main trend is the formation of a downward structure of September 25.

Trading recommendations:

Buy: 132.60 Take profit: 133.14

Buy: 133.18 Take profit: 133.80

Sell: 131.00 Take profit: 130.40

Sell: 130.31 Take profit: 130.00

analytics5bb334a6a74bc.png

For the Pound / Yen currency pair, the key levels on the scale of H1 are: 149.69, 149.00, 148.17, 147.59, 146.84, 145.89, 144.86 and 144.11. Here, we are following the downward structure of September 21 as the main structure. The short-term downward movement is possible in the range of 148.17 - 147.59 and the breakdown of the latter value will lead to the development of a downward trend. In this case, the first target is 146.84. Its breakdown in turn will lead to the movement to 145.89, near this level is the consolidation. The breakdown at the level of 145.89 will lead to the development of a pronounced movement. Here, the target is 144.86. The potential value for the bottom is considered the level of 144.11, upon reaching which we expect a rollback to the top.

An upward movement is possible after the breakdown of 149.00. In this case, the goal is 149.69, up to this level we expect the design of the local structure.

The main trend is the downward structure of September 21.

Trading recommendations:

Buy: 149.00 Take profit: 149.65

Buy: Take profit:

Sell: 147.55 Take profit: 146.90

Sell: 146.80 Take profit: 146.00

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AUD / USD: China and the RBA put pressure on the Australian dollar

Trading 02 oct 2018 Commentaire »

At today's meeting, the Reserve Bank of Australia did not impress traders with its rhetoric. The tonality of the accompanying statement was rather negative, despite the absence of obvious "failures" among the key macroeconomic indicators. The reaction of AUD / USD was appropriate. On the one hand, the bulls of the pair had to leave the framework of the 72nd figure, but, on the other hand, there was no pulsed / large-scale decline. In other words, Aussie reflected the negative side of the October meeting, but did not panic, staying within the multi-day price range.

The main claims of the Australian regulator were the growth rates of wages and household consumption. The dynamics of these indicators is largely related to each other, and their weak growth is reflected in the dynamics of inflation. This is not a problem today. As early as the end of 2017, a similar trend disturbed regulator members so much that some of them (in particular, Jan Harper) allowed a reduction in the interest rate if the incomes of the population and consumer activity of Australians do not grow. Today, monetary policy easing is not talked about, but the urgency of the problem remains high.

analytics5bb32eb515ab7.jpg

The remaining theses of the RBA were neutral. The regulator said that the level of the current interest rate supports the economy, as well as the low rate of the Australian against the dollar. Unemployment will gradually decline to five percent, and inflation will also gradually increase in 2019 and 2020. In the same vein, the Central Bank assessed the dynamics of other key indicators: smooth, gradual growth against the background of external risks. Calm rhetoric has been ignored by the market, as it has been repeated for more than one month. Traders responded to concerns about wages, but only "formally". Following the meeting, the pair fell by only fifty points. And then, the focus of the market shifted to a slightly different plane.

The fact is that the Australian dollar reacts quite sharply to the American-Chinese conflict. Any hints of escalation (or de-escalation) of the trade war have a strong influence on the dynamics of AUD / USD. Therefore, today's Aussie movement should be viewed solely from this point of view, taking into account the "passing" meeting of the RBA. Unfortunately, relations between China and the United States leave much to be desired. Literally today, it became known that the head of the Pentagon canceled his visit to Beijing "because of the growing tensions between the countries." This is unofficial information, with reference to a high-ranking source, it published one of the most influential American publications. According to insiders, the matter is not only in a trade war, which is likely to be continued in the near future. There are other fairly weighty claims of the United States to the Middle Kingdom.

In particular, we are talking about China's attempts to intervene in the elections to the US Congress. It was precisely such accusations voiced by Trump against Beijing. In his words, the Chinese are trying, "using various means," to prevent the Republicans from winning the midterm elections on November 6. He did not specify which methods the PRC resorts to, but, by and large, this is not so important in the context of the foreign exchange market. It is obvious that under conditions of mutual accusations, it is not necessary to expect trade negotiations, and even more so, the conclusion of a mutually beneficial transaction. The incident in the disputed waters of the South China Sea only eloquently confirmed all of the above. I remind you that yesterday, the Chinese warship Luyang, in the opinion of the Americans, "made an unprofessional and dangerous maneuver," because of which, the US destroyer was forced to evade a collision.

China is the main trading partner of Australia, so this fundamental background puts pressure on the Australian dollar. Moreover, the macroeconomic indicators of China are not encouraging. In particular, the PMI index in the industrial sector, which is calculated by Caixin and Markit, fell to 50 points, that is, to a kind of "red line". The decline is tendentious. It falls over the past four months, weakening to a year and a half minimum. If the index falls below the 50th mark, the Australian dollar will receive an additional reason for its weakening.

Thus, the fundamental picture contributes to a further decrease in AUD / USD. The lack of optimism on the part of the RBA, the further cooling of relations between the US and China, the slowdown in Chinese industry and the oversupply in the iron ore market all reduce the demand for the Australian dollar amid the strengthening of the US currency (the dollar index has now reached a three-week high of 95.22 paragraph).

analytics5bb32ea90a418.jpg

From a technical point of view, if the currency pair AUD / USD on the daily chart consolidates below 72.02 (the middle line of the Bollinger Bands indicator), then the Ichimoku Kinko Hyo indicator will form a bearish Parade signal, and the price will be between the middle and lower lines of the Bollinger Bands . This combination will technically open the way to the bottom line of the above indicator, which corresponds to the price of 0.7090. If relations between China and the United States continue to deteriorate, the negative dynamics of the commodity market will put pressure on Aussie, and achieving this level of support will become only a matter of time.

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