Advertisement
Advertisement
trade360
BREAKING NEWS : Start Trading Today Join Now!
Advertisement markets

Aussie Rises after RBA Leaves Rates Unchanged

Written By Valeria Bednarik | 2018-08-07 08:47:00 GMT

The euro jumped against its key peers even after disappointing data from Germany. Yesterday, data from the country showed that factory orders had slumped to the lowest level since last year as impacts of the trade conflict emerged. Today, the data showed that the country’s industrial production had slumped by minus 0.9% in June. This was a deeper drop than the expected minus 0.5% decline and the 2.4% gain in May. In addition, the country’s trade balance was at 19.3 billion euros, which was lower than the expected 21.4 billion euros. This came as the country’s exports remained unchanged in June as imports increased by 1.2%.

The dollar index moved lower today as the US started implementing tariffs on Iran. These new tariffs will limit the country’s central bank from accessing dollars. It will also limit Iran’s exports of Persian rugs and its automotive industry. The sanctions were announced after the Trump administration exited the Joint Comprehensive Plan of Action (JCPOA). In an early morning tweet, the president announced that all companies doing business with Iran will be expected to exit if they wanted to do business with the United States. For smaller companies with no interest in the US market, they will continue doing business in Iran, but they will also find it challenging to bank their earnings.

Global stock rose today after a silent day about trade. In Europe, DAX, CAC, FTSE, and Stoxx rose by 1%, 0.85%, 1% and 0.90% respectively. In Asia, the Shanghai, Nikkei, and Hang Seng rose by 2.80%, 0.70%, and 1.50% respectively. The US markets signalled a high opening with the Dow, S&P, and Nasdaq futures gaining by 0.35%, 0.25%, and 0.30% respectively.

EUR/USD

The EUR/USD pair rose to an intraday high of 1.1600. The rise came as traders hoped that the truce reached between the United States and EU will help reset the German economy. The current price is close to the 38.2% Fibonacci Retracement level as shown below. On the 30-minute chart below, the RSI has moved past the overbought position and is currently at 77. The pair could continue moving up but traders should watch out for the 1.1610 and 1.1640 levels which are the 38.2% and 50% Fibonacci Retracement levels respectively.

EURUSD

EUR/GBP

Starting from the end of May, the EUR/GBP has been moving higher, with higher highs and higher lows as shown below. The pair has moved from a low of 0.8695 and is currently trading at 0.8945. It is now trading above the 100 and 50-day Exponential Moving Averages. The Average Directional Index is at 34 and the pair is trading above the important support shown below. In the short term, traders should keep a watch on the important resistance level of 0.8955.

EURGBP

AUD/USD

The AUD/USD pair jumped today after the monetary decision by the Reserve Bank of Australia. It reached an intraday high of 0.7437. Today’s surge led the pair to recoup most of the losses it sustained when it started its sharp decline on Wednesday last week. As it rose, the RSI reached a daily high of 86 and is currently at 78. Traders should watch out for the 0.7440 level which the pair reached on Wednesday last week.

AUDUSD

Author

By Valeria Bednarik
tickmill

Featured Forex Brokers

Broker Profile Open Account
XM
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    tickmill
  • Minimum Deposit: 25 USD
  • Leverage of up to 1:500
  • Broker Type : ECN/STP & STP
  • Regulation : FSA SD008
  • tickmill
    markets
  • Minimum Deposit: 100 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC
  • markets

    The Best Crypto to Crypto

    Exchanger Advantages Open Account
    binance
  • Safety Stability: Multi-tier & multi-cluster system architecture
  • Binance charges a quite low commission fee
  • Multiple-Coin Support : BTC, ETH, LTC, BNB...
  • High Liquidity
  • Multiple-Language Support
  • binance
    changelly
  • Instant cryptocurrency exchange
  • More than 500,000 satisfied users
  • Changelly charges a quite low commission fee
  • Safety Stability
  • changelly
    bitmex
  • Bitmex - Bitcoin Mercantile Exchange is a cryptocurrency derivatives trading platform.
  • Bitmex charges a quite low commission fee
  • Safety Stability
  • changelly

    Best Brokers to Trade Crypto

    Broker Profile Open Account
    XM
  • Offer: 30 USD No Deposit Bonus - 50% Deposit Bonus
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FCA
  • XM
    FBS
  • Offer: 50USD No Deposit Bonus
  • Offer: 100% Deposit Bonus
  • Minimum Deposit: 1 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CRFIN (Russia), 009069697 IFSC (Belize), IFSC/60/230/TS/12
  • FBS
    eToro
  • Offer: 1000USD Deposit Bonus
  • Minimum Deposit: 50 USD
  • Leverage of up to 1:400
  • Broker Type : STP
  • Regulation : ASIC, 335692 CFTC/NFA, 0382918 CySEC, 109/10
  • eToro

    Contact us
    Email: reviewbrokers.net@gmail.com
    Skype:fxvnpro