Coronavirus Delta keeps RBA cautious, AUD stays pressured

Ross J Burland FXStreet

As explained in the pre-Reserve Bank of Australia note, A covid-tantrum on the cards for today's RBA, the RBA indeed state don the cautious side pertaining to the rapid spread of the Delta variant in Australia.

In technical analysis, it was stated that ''the price is on course for a restest of the 38.2% Fibo or a possible run down to the 50% ratio if bulls do not commit at this juncture.''

AUD/USD prior technical analysis

This is where we are today, touching the 50% mean reversion as forecasted above in the prior analysis:

The situation in Australia is a touch better today according to the latest data numbers, slightly down in Vicotria:

Victoria has recorded 221 new cases of the coronavirus today.

Of today's new infections, 98 have so far been linked to known cases and outbreaks.

Reported yesterday: 221 new local cases and 0 new cases acquired overseas.
- 36,716 vaccine doses were administered
- 42,429 test results were received

More later: https://t.co/lIUrl1hf3W #COVID19Vic #COVID19VicData [1/2] pic.twitter.com/iEdGj4Sr1U
— VicGovDH (@VicGovDH) September 7, 2021

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1870 during the Asian hours on Friday. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming steady momentum. RSI has eased but remains above 50, indicating momentum remains constructive for the bulls.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold recovers swiftly from weekly low, climbs back closer to $5,000 ahead of US CPI

Gold regains positive traction during the Asian session on Friday and recovers a part of the previous day's heavy losses to the $4,878-4,877 region, or the weekly low. The commodity has now moved back closer to the $5,000 psychological mark as traders keenly await the release of the US consumer inflation figures for more cues about the Federal Reserve's policy path.