Short-term technical analysis of AUDUSD

Trading 30 juin 2020 Commentaire »

AUDUSD remains inside the medium-term bullish channel and inside the trading range since the start of June. Price so far respects medium-term support and bulls are pushing price higher from the lower channel boundary.

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Red lines- trading range

Blue lines - bullish channel

AUDUSD is respecting channel support and is bouncing off the lower boundary. Resistance remains at 0.6975 at the upper trading range boundary. A break above this level will push price towards 0.72 and the upper channel boundary. A break below 0.68 could lead to more selling pressures pushing price towards 0.66.

Short-term trend is unclear as price mostly moves sideways.

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Gold price continues its advance

Trading 30 juin 2020 Commentaire »

Gold price is making new higher highs today. Price remains in bullish trend after the pull back towards $1,750. The RSI is now showing some warning signs as price is making new higher highs. The RSI indicator however is not making new higher highs as we see in the 4 hour chart.

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Red lines - bullish channel

Gold price is inside the bullish channel as we already have noted in previous posts. Price continues to make higher highs and now that the $1,780 level has been captured, I feel we should expect price to continue higher towards $1,800-$1,825. Any pull back towards $1,760 is justified. This level is channel support and recent low. So bulls need to defend that area. Failure to hold above it will open the way for a move towards $1,740.

The RSI is showing divergence signs as it does not follow price to new higher highs. This is not a reversal signal, only a warning.

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U.S. Consumer Confidence Jumps More Than Expected In June

Trading 30 juin 2020 Commentaire »

Reflecting the re-opening of the economy and the recent drop in unemployment claims, the Conference Board released a report on Tuesday showing a bigger than expected improvement in U.S. consumer confidence in the month of June.

The Conference Board said its consumer confidence index jumped to 98.1 in June from a downwardly revised 85.9 in May.

Economists had expected the consumer confidence index to climb to 90.0 from the 86.6 originally reported for the previous month.

"Consumer Confidence partially rebounded in June but remains well below pre-pandemic levels," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

She added, "Faced with an uncertain and uneven path to recovery, and a potential COVID-19 resurgence, it's too soon to say that consumers have turned the corner and are ready to begin spending at pre-pandemic levels."

The bigger than expected increase by the headline index came as the present situation index surged up to 86.2 in June from 68.4 in May.

The percentage of consumers claiming business conditions are "good" rose to 17.4 percent from 16.4 percent, while those claiming conditions are "bad" decreased to 43.2 percent from 51.2 percent.

Consumers' assessment of the job market was also more favorable, with those saying jobs are "plentiful" climbing to 20.8 percent from 16.5 percent and those saying jobs are "hard to get" falling to 23.8 percent from 29.2 percent.

Looking ahead, the expectations index increased to 106.0 in June from 97.6 in May, suggesting consumers are less pessimistic about the short-term outlook.

The percentage of consumers expecting business conditions will improve over the next six months was virtually unchanged at 42.6 percent, while those expecting business conditions will worsen declined to 15.3 percent from 20.5 percent.

Meanwhile, the outlook for the labor market was mixed, as consumers expecting more jobs in the months ahead slipped to 38.4 percent from 39.5 percent but those anticipating fewer jobs in the months ahead also decreased fell to 14.2 percent from 19.9 percent.


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Chicago Business Barometer Rises Less Than Expected In June

Trading 30 juin 2020 Commentaire »

A report released by MNI Indicators on Tuesday showed a continued contraction in Chicago-area business activity in the month of June.

MNI Indicators said its Chicago business barometer rose to 36.6 in June from 32.3 in May, but a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to jump to 45.0.

The uptick by the Chicago business barometer reflected notable monthly increases by the production and new orders indexes.

Meanwhile, the report said the employment index fell by 5.1 points in June, remaining below 50 for the twelfth consecutive month.

The supplier deliveries index recorded the second curtailment in a row, as firms continued to mention Covid-19 related delays.

On the inflation front, MNI Indicators said prices paid at the factory gate rose 2.7 percent in June, with many companies noting the elevated cost for air freight from Asia.


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Dollar Little Changed After U.S. Consumer Confidence Index

Trading 30 juin 2020 Commentaire »

The Conference Board has released its report on consumer confidence for June at 10:00 am ET Tuesday.

Following the data, the greenback changed little against its major rivals.

The greenback was trading at 107.71 against the yen, 0.9501 against the franc, 1.1204 against the euro and 1.2305 against the pound around 10:02 am ET.


The material has been provided by InstaForex Company - www.instaforex.com

*U.S. Consumer Confidence Index Jumps To 98.1 In June

Trading 30 juin 2020 Commentaire »

U.S. Consumer Confidence Index Jumps To 98.1 In June


The material has been provided by InstaForex Company - www.instaforex.com

Dollar Falls Ahead Of U.S. Consumer Confidence Index

Trading 30 juin 2020 Commentaire »

The Conference Board is due to release its report on consumer confidence for June at 10:00 am ET Tuesday.

Ahead of the data, the greenback fell against its major rivals.

The greenback was worth 107.61 against the yen, 0.9495 against the franc, 1.1217 against the euro and 1.2306 against the pound as of 9:55 am ET.


The material has been provided by InstaForex Company - www.instaforex.com

*Chicago Business Barometer Rise To 36.6 In June

Trading 30 juin 2020 Commentaire »

Chicago Business Barometer Rise To 36.6 In June


The material has been provided by InstaForex Company - www.instaforex.com

UK Recovery Somewhat Sooner Than BoE's View, Says Haldane

Trading 30 juin 2020 Commentaire »

Bank of England Chief Economist Andrew Haldane said recent indicators suggest that the economic recovery has been somewhat sooner and materially faster than the bank assessed in May.

The alphabet that best describe the path of the economy is 'V'. "It is early days, but my reading of the evidence is so far, so V", he said.

Haldane said risks to the economy remain considerable and two-sided.

In May, the monetary policy committee observed that the balance of risks to the outlook was skewed to the downside. However, Haldane said subsequent positive news on demand more than counterbalanced the rise in downside risks to employment.

The banker observed that risks to the outlook are slightly more evenly balanced than in May, if still with a downside skew.

At the June meeting, Haldane was the only member who voted against the expansion of quantitative easing.

Haldane said the MPC is ready to adjust monetary policy if needed to support the economy and bring inflation back to its target on a sustainable basis.


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Dollar Little Changed Following S&P/Case-Shiller Home Price Index

Trading 30 juin 2020 Commentaire »

At 9:00 am ET Tuesday, S&P/Case-Shiller home price index for April has been released. After the data, the greenback changed little against its major rivals.

The greenback was trading at 107.72 against the yen, 0.9501 against the franc, 1.2286 against the pound and 1.1208 against the euro around 9:01 am ET.


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