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Tuesday, August 4th
AUD/USD is rebounding amid data showing trade balance deficit widened less than expected and retail sales also beating the expectations. RBA kept the interest rates unchanged citing low commodity prices forcing aussie to adjust accordingly. The pair is trading at 0.7376.
USD/CAD stays above the key resistance level 1.3063, which was passed last week. The question is whether the current move is another bull trap or the beginning of a new uptrend. This is likely to become clear after series of news from Canada this week including trade balance, employment change, building permits and Ivey PMI. The current quote is 1.3130.
GBP/USD was falling yesterday despite stronger than expected manufacturing PMI data. Although, the cable climbed back above 1.5600 this morning. On the daily graph, a considerable price consolidation can be observed forming a flag figure from July 13. This means that breaking through the resistance level at 1.5693 will give a start to a new bullish trend in mid-term. The forthcoming economic data from UK will likely become the fundamental reason for either supporting this prediction or forming a turnaround. British Construction PMI is out shortly.
NZD climbed up to 0.6584 against softer greenback after US ISM Manufacturing PMI reading didn’t reach the expectations of experts yesterday. The New Zealand Employment Change data is due tomorrow, so the market is waiting for indications of healing economy.
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