RBA on hold, Aussie rising
Important News for the day:
- Tue, 08th, 06:30 CET AU RBA interest rate decision.
RBA on hold
The RBA did not cut interest rates. It had been expected that the Central Bank will lower rates from 3.85% down to 3.60%. Since this had not been the case the Aussi geared up some momentum against other currencies. The upside might face headwinds soon as the AUDUSD currency pair already faces issues breaking above the technical resistance at 0.6550. The 50- moving average based on the 4h chart also acts as a strong resistance area for now.
Market talk
Markets in general remain mixed without clear direction in sight. A typical sign of the quieter summer months. The Dollar remains weak but shows signs of potential further strength. This might then also cause another correction in the equity sector. Silver prices tried to push higher. A breakout above the USD 37.00 zone might be on the cards. Yesterday the market closed with a positive candlestick pattern, which could ignite more upside today. Also the price of oil keeps pushing higher but has reached a strong resistance zone at USD 68.00. A break below the USD 66.50 price zone might cause the trend to resume bearish momentum again.
Tendencies in the markets
- Equities sideways, USD stronger, Bitcoin sideways, ETH positive, oil at resistance, Silver sideways, Gold positive, JPY weak.
Author
Frank Walbaum
FX Strategies.Asia
Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.
