Asian Open 73c Could Be Key for AUDUSD This Week
The Aussie notched up a third bullish day, and all eyes are on the 73c resistance cluster as we approach Jerome Powell’s highly anticipated speech at Jackson Hole.
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The markets are still in two minds about what to make of the rising tension between Russia and Ukraine, after having risk trades sell off yesterday and safe haven trades gaining. We start to see some of this unwinding, with news that Russian President Putin had recalled troops from military exercises back to their bases. This has put a squeeze on some unwinding of yesterday’s losses, but tensions are still high and we could see more of the same action while the market tries to prepare for what is to come next.
Overnight AUD had a very active day after news that the RBA would keep rates at 2.5% as expected, but with very dovish comments regarding the AUD, it has recovered to its original open rate.
Very little to look out for today in terms of data releases. In the UK, construction PMI is due out and an expected dip has been forecast. Other than this all eyes and ears are on the Ukraine-Russia situation. Any chance of a resolve will get the markets back on track. But if there is more unrest and threats we could see some more panic selling.
EUR/USD
Supports 1.3720 1.3700 1.3660 | Resistance 1.3825 1.3850 1.3895
USD/JPY
Supports 101.25 101.10 100.75 | Resistance 102.00 102.30 102.80
GBP/USD
Supports 1.6650 1.6625 1.6580 | Resistance 1.6725 1.6770 1.6820
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