AUD/USD set for fourth week of gains in a row - stewartsafelip1955

Having unsuccessful to hold above psychological 0.7000 level connected respective occasions since the start of July, AUD/USD traded inside a specif range precisely below that mark on Friday, merely was still set to register its fourth honorable calendar week of gains.

The United States Dollar held gains against the bulk of its peers overnight, after the United States set a new daily phonograph record for new COVID-19 infections on Thursday, with states so much as Florida, South Carolina and Texas reporting their sharpest respective-day surge in new cases. Over 77,000 new infections were reported across the commonwealth, while the virus claimed the lives of 969 people during the past 24 hours, or the largest death toll increase since June 10th.

Whatever analysts declared concerns the continuing surge in rising infections was already sitting a terror to US labor market and profitable action, while others stressed on worsening US-China dealings as a grounds to avoid endangerment, at least for the clock time being. Tensions between Beijing and Washington have recently heightened on some fronts, including civil liberties in Hong Kong, access to technology and territorial claims.

"The dollar looks like a serious safe oasis immediately because of worries well-nig a return to coronavirus lockdowns," Minori Uchida, head of global marketing research at MUFG Bank, said.

"But I care that the dollar volition start to mislay this status if long-term United States Treasur yields stay to fall," Uchida added.

As of 6:55 GMT on Friday AUD/USD was edging ahead 0.20% to trade at 0.6986, as it moved within a day-to-day range of 0.6968-0.6990. The John R. Major pair has risen 0.52% as yet this week, piece being set to record its fourth week of gains in a wrangle.

In terms of economic calendar, today market players will be attentiveness to US housing data due impermissible at 12:30 GMT. The number of housing starts in the country probably rose to 1.169 1000000 units in June, reported to grocery expectations, from the seasonally adjusted annual rate of 0.974 million in May.

Meanwhile, the figure of building permits probably increased to 1.290 million in June from an period level of 1.216 million in May.

Additionally, the monthly survey past Virgil Garnett Thomson Reuters and the University of Michigan may show that consumer confidence in the Unpartitioned States continued to improve in July. The preliminary consumer sentiment index probably rose to 79.0 in July from a final 78.1 in June. Hold out calendar month, the sub-index of modern economic conditions was revised down to 87.1 from a preliminary 87.8, piece the wedge-index of consumer expectations was revised down to 72.3 from a preliminary 73.1. The preliminary report will be released at 14:00 GMT.

AUD traders will cost expecting the Proceedings from Allow Bank of Australia's July monetary system policy meeting, regular to atomic number 4 free happening July 21st, and the Australian government's "mini-budget", scheduled to be announced on July 23rd.

Bond Yield Spread

The spread between 2-year Australian and 2-year America bond yields, which reflects the flow of funds in a short term, equaled 13.9 basis points (0.139%) as of 6:15 Greenwich Time on Friday, up from 13.2 basis points on July 16th.

Time unit Pivot Levels (time-honored method of figuring)

Bicentric Pivot – 0.6984
R1 – 0.7005
R2 – 0.7038
R3 – 0.7059
R4 – 0.7080

S1 – 0.6951
S2 – 0.6930
S3 – 0.6897
S4 – 0.6865

Author: Miroslav Marinoff, a word editor program at TradingPedia, is betrothed with observing and reporting on the tendencies in the Foreign Exchange Food market and the U.S. Stock exchange.

Source: https://www.tradingpedia.com/2020/07/17/forex-market-aud-usd-once-again-falters-at-key-resistance-but-still-set-for-a-fourth-week-of-gains/

Posted by: stewartsafelip1955.blogspot.com

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