AUD/USD keeps gains as RBA minutes stick to the script

The AUD/USD rose to 0.7354 in Asia – the highest level since Aug. 10 – having gained close to 100 pips in the last three trading days. The corrective rally gathered steam on Friday as the yellow metal (one of Australia’s top exports) recovered sharply from the multi-month low of $1,160.

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EUR/USD poised to remain under pressure, 1.1000 now at sight

The common currency trimmed its weekly losses against the greenback, but remained depressed for a fourth consecutive week, bouncing from a fresh yearly low of 1.1300. Dollar's decline seems a due correction as longs are overcrowded, but absent EUR demand kept the upside in check. Fear and uncertainty were again the main market motors, despite some positive headlines that should have averted it.



Yohay Elam

The EUR/USD managed to recover on hopes for a trade settlement between China and the US. Where next?

The Technical Confluences Indicator shows that there is a convergence of potent technical levels at 1.1441: the Simple Moving Average 200-one-hour, the Fibonacci 161.8% one-month, and the Bolinger Band 15m-Upper.

Further up, 1.1470 is another important resistance area with the Pivot Point one-day Resistance 1, the PP one-month Support 2, and the SMA 10-one-day.

On the downside, the pair has support 1.1390 is the confluence of the Pivot Point one-day S1 and the Fibonacci 38.2% one-week.

The next support area is close by at 1.1368 which is the meeting point of the Pivot Point one-month Support 3 and the one-day low.

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