OctaFX | OctaFX Forex Broker
Open trading account

Forex Flash: AUD/USD remain capped by tough resistance at 1.0300 – Westpac

FXstreet.com (Barcelona) - The RBA’s rate cut was a little earlier than most expected but no great shock to the market. Strong AUD TWI seems to be increasingly important for policy, not in terms of a currency war but by allowing interest rates to fall further than they would have otherwise. According to Global FX Strategist Sean Callow at Westpac, “This limits the damage to AUD/USD while the jobs surge muddies the waters further.”

According to Callow, “With AUD/USD proving quite resilient after the RBA rate cut and the jobs data surprisingly strong, some squaring up seems likely near-term, leaving us neutral on the week.” The high 1.0300s remain very tough resistance, with a re-test of 1.0115/50 more likely on the week in choppy trade. Copper’s 3-month highs and steadying iron ore combine with global equity optimism to help AUD/USD avoid sizeable losses on the threat of further RBA easing.

Forex: GBP/USD erases daily gains

The British pound failed to sustain its BoE inspired gains and after facing resistance at the 1.5585, it slipped back to opening levels.
Read more Previous

Commodities Brief – Precious metals shed European gains, silver falls below 24.00 barrier

The yellow metal managed to halt its ascent Thursday, having fallen off the 1474 handle earlier during European trading. Since then, the US session has witnessed a modest dip in commodity prices, including gold. In these moments, the price of gold is now trading at USD $1465.00 per oz. on the day. Ultimately, a daily closing above 1478.00 is required for a bullish scenario and uptrend, while at least a four-hour closing below 1440.00 for the bearish scenario by comparison.
Read more Next
Start livechat