CAD Technical Analysis: Sticking to the 1. Atlanta Fed revises Q2 GDP growth estimate up to 4. Forex crunch usd jpy live chart Australian dollar tried to move to higher ground but collapsed after climbing above 0.
The prices of aluminum and other metals shot up, helping the Australian dollar, a commodity currency. However, these rises were partly the result of trade tensions which then weighed on the currency. Moreover, rising US yields, based on upbeat economic data and optimistic messages from the Fed sent the USD higher, causing a sharp turnaround. USD daily graph with support and resistance lines on it. The Conference Board’s composite measure of the economy, based on 7 indicators, slipped by 0. We may see a bounce now.
The Assistant Governor of the RBA speaks at an event in Sydney and may already know the inflation data that is published later. In any case, Kent may shed some light on where rates will go after the central bank exits its neutral mode. Australia releases its inflation figures only once per quarter, making each publication a bigger deal than in other countries. In the last quarter of 2017, headline inflation rose by 0.
The figures for Q1 2018 are expected to be 0. Prices of imports feed into consumer prices. The Producer Price Index used to have a broader impact when it was published before the CPI number. Nevertheless, it still provides an insight about inflation in the pipeline.
USD had a good start to the week, temporarily breaching the 0. It then crashed all the way below 0. 8050 capped the pair in August and also temporarily in January, on its way up. 7990 was the high point in February and protects the 0.
7890 worked as support in February and resistance in October. 7810 was a swing high in mid-April. 7730 capped the pair in early April. 7675 served as a line of support in mid-March. 7640 was a trough in late Marc.
The last line to watch is the round 0. 75 level which is where the began its ascent in December. The RBA is not keen on raising rates and that is a stark contrast with the Fed. A resolution of current trade tensions may stabilize the Aussie but it is unlikely to go too far. Our latest podcast is titled Is inflation rearing its ugly head? Outlook for the major events of the week. Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated.