Euro sentiment metrics
When is China’s data dump and how could it affect the AUD/USD?
Although upbeat economic at the largest customer will dim prospects of further rate cuts after Thursday’s surprise decline in Australian employment data, doubts over the US-China trade developments and mixed messages from the RBA policymakers could keep the AUD/USD pair’s upside capped.
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Risk-on has taken over the financial sphere these last couple of days, on encouraging news coming from the two big turmoil fronts, Brexit and the trade war between the US and China. The EUR/USD pair has advanced for a second consecutive week, recovering the 1.1000 threshold and rallying to 1.1062, on hopes both ships will reach good port.
GBP/USD has been settling around 1.28 as UK-EU Brexit negotiations reach the all-important leaders' summit. How is cable positioned? It seems somewhat vulnerable.
The Technical Confluences Indicator is showing that the most significant convergence of lines is at 1.2840, serving as resistance. The cluster includes the previous four-hour high, the Pivot Point one-week Resistance 1, and the Bollinger Band 15-minute Upper.
Support awaits at 1.2795, and it is somewhat weaker. The confluence includes the Fibonacci 38.2% one-day and the Simple Moving Average 100-15m.
Lower, the next substantial support line awaits at 1.2715, which is the meeting point of the previous weekly high, the SMA 200-one-day, and the PP one-day S1.
The upside target is 1.2908, which is where the Pivot Point one-month Resistance 2 meets the price.
