- AUD/USD: picking up a bid on weakness in dollar turning from daily highs
- AUD/USD: markets awaiting Trump's Iran announcements at 1800GMT
AUD/USD spiked up towards the hourly 10-SMA while the dollar comes off a little from highs on the 93 handle at 93.2800. Currently, AUD/USD is trading at 0.7456, down -0.82% on the day, having posted a daily high at 0.7545 and low at 0.7434.
AUD/USD dropped to a fresh eleven-month low of 0.7454 during the European morning. The dollar has been in demand following Powell's hawkish speech and before Trump makes his announcements over the nuclear deal on Iran at 1800GMT.
Noise moving markets
The US Federal Reserve chairman Jerome Powell warned today that some investors may not be well positioned for anticipated US interest rate hikes, triggering US Dollar appreciation.
Trump seems intent on withdrawing from the deal and seeks to put in a strategy to confront the regimes hostile actions and to ensure Iran never acquires a nuclear weapon. However, it is unclear as to what he will announce today, but the markets are running with a staggered exit from the plan. However, if the US does pull out, the deal will not implode as there are a number of nations involved in the deal.
- WTI drops hard on Iran noise, Trump to allow sanctions to go forward
- BREAKING: Trump has told French President Macron that the U.S. will withdraw from the nuclear deal with Iran, source says - NY Times
- Trump tells Macron he will leave Iran nuclear deal - NYT
There was a 0.7492-0.7527 range in Asia while 0.7473 was last week's low after Australia's budget forecasts that came with an early return to surplus and cuts to the personal taxes in the budget.
AUD/USD levels
The price has been capped by the descending 10-D SMA and AUD/USD continues to trade below the monthly and daily trend line. The price has been failing on previous upside attempts with fading at play and technicals remain bearish with the monthly RSI biased down. 0.7420 is the key bearish target in the near term while, on the wide, a break higher and through the rising 200-D SMA on the 0.78 handle, 0.7910 will be in focus
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD softens below 1.1150 as traders brace for US Retail Sales data
The EUR/USD pair trades on a softer note near 1.1125 amid the modest recovery in US Dollar during the early Tuesday. Traders brace for the release of US Retail Sales data, which is due later in the day. On Wednesday, the US Federal Reserve interest rate decision will take center stage.
GBP/USD consolidates around 1.3200, looks to US Retail Sales for short-term impetus
GBP/USD traders move to the sidelines ahead of the FOMC/BoE policy meetings this week. Rising Bets for a 50 bps Fed rate cut keep the USD bulls on the defensive and lend support. Traders now look to the US Retail Sales to grab short-term opportunities later this Tuesday.
Gold prods overbought zone, shy of $2,600 as Fed meeting looms
Gold price is just a hairline short of the new record high of $2,590 reached Monday, as buyers take a pause heading into the highly anticipated two-day US Federal Reserve monetary policy meeting, starting on Tuesday.
Bitcoin approaches its $56,000 support level
Bitcoin is approaching a crucial daily support level of $56,000, hinting at a possible recovery. Ethereum faced rejection from the resistance level, suggesting a downward trend with weak momentum. In contrast, Ripple has bounced above the 100-day EMA, indicating a continued upward trend.
Five Fundamentals for the week: Fed overtowers pivotal week for Gold, stocks and the US Dollar Premium
The Fed's first rate cut stands out as economic uncertainty mounts. US Retail Sales and Jobless Claims are of high interest. Rate decisions by central banks in the UK and Japan are also pivotal.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.