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Forex: AUD/NZD fresh 3.5-year low on weak Aus data

FXstreet.com (Barcelona) - With Aussie printing fresh session lows at 1.0265 following worse than expected retail sales and job ads in Australia, AUD/NZD has dipped to fresh 3.5-year lows at 1.2003, a -0.71% lower for the session. Tomorrow's RBA interest rate statement is the biggest risk event ahead for this cross as odds for a near term rate cut are increasing.

According to some analysts the selling pressure is starting to ease, although IFR, for example, notes: "Wait for daily close above 1.215 to indicate "false breakdown" long trade," analyst Richard Sexton said. The NAB has been cited saying the bank is starting to take profits on previous short positions, while UBS maintains their shorts on AUD/NZD.

Immediate support to the downside for AUD/NZD lies at recent session and fresh 3.5-year lows 1.2003, followed by Sept 2009 lows at 1.1990, and Oct 2009 lows at 1.1932. To the upside, closest resistance shows at April 26 lows 1.2046, followed by April 25 lows at 1.2066, and session and Thursday's highs at 1.2104/10.

Commodities: Copper futures rise most in 18 months as US Jobs Data fuels short squeeze

It was a “risk on” day across all asset classes after the better than expected US Jobs Data helped fuel a sharp rally in both equities and commodities. The S&P 500 closed the week at a new all time high of 1614.40. However, the real action was in copper which had its largest move in 18 months. The 6.45% jump was likely helped by the fact the most recent COT report showed speculators holding the largest net short position in history (30,016 contracts). Gold managed to close the day 0.27% higher at 1470, while silver closed up 1.21% at 24.08. On a final note, oil also had a strong day closing up 1.72% at 95.61.
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Forex: GBP/JPY notches highest close since August 2009

The GBP/JPY closed the session sharply higher, up 208 pips at 154.19. This was the highest close for the pair since August 2009, and the recent technical break out could lead to additional buying in coming sessions. Economic data will be light in the coming session with Japan closed for holiday.
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