News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Bitcoin Price to Boost Coinbase as Robinhood IPO Flops $BTCUSD has propelled higher this week. With crypto outlook sanguine again, $COIN has potential to outperform $HOOD following its weak trading debut. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/bitcoin-price-to-boost-coinbase-coin-as-robinhood-ipo-hood-flops.html https://t.co/cR8w1neoT5
  • Robinhood given an enterprise value of $32 billion after shares priced at $38. Get your market update here:https://t.co/fybAmxrAdo https://t.co/XeUn7kAZ0Q
  • 🇰🇷 Business Confidence (JUL) Actual: 97 Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.87% 🇨🇦CAD: 0.63% 🇨🇭CHF: 0.43% 🇯🇵JPY: 0.39% 🇪🇺EUR: 0.37% 🇦🇺AUD: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vH1UWZP3Gt
  • Robinhood closes its first session as a publicly listed company down just over 8% $HOOD https://t.co/4GOkrVfs1B
  • Heads Up:🇰🇷 Business Confidence (JUL) due at 21:00 GMT (15min) Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.33% Gold: 1.17% Oil - US Crude: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gkJwZQnj4N
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 75.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NPtVj3FLsQ
  • Last week’s price action has produced a shooting star formation and yesterday’s FOMC announcement helped to extend the move, driving the USD lower as the Canadian Dollar bounces from its earlier-month lows.Get your market update from @JStanleyFX here:https://t.co/tiqAYlUxA0 https://t.co/xb08I8gwpU
  • Following Amazon's miss on Q2 revenues, Nasdaq 100 futures give back Thursday's gains $AMZN $NDX $NQ https://t.co/63MAFhIjh4
Australian Dollar Outlook: Lockdowns Straining AUD’s Path, RBA Outlook

Australian Dollar Outlook: Lockdowns Straining AUD’s Path, RBA Outlook

Thomas Westwater, Analyst

Australian Dollar, AUD/USD, Sydney Lockdown, Technical Outlook - Talking Points

  • Australian Dollar faces pressure as lockdowns across Australia proceed
  • Delta Covid variant causing concern for the global economic recovery
  • AUD/USD attempts to hold recent gains as it pulls back to 200-day SMA

Tuesday’s Asia-Pacific Outlook

Across the globe, health officials have become increasingly concerned over the spread of Covid’s highly transmissible Delta variant. That spread has led to lockdowns being enacted across Australia over the past 48 hours. Accordingly, the Australian Dollar has come under pressure. New South Wales (NSW), the Australian state that includes the country’s most populous city Sydney, announced a two-week lockdown earlier this week across several of its regions, including Sydney.

Australia has been applauded for its initial success in controlling the Covid outbreak. However, the government has lagged in securing enough vaccines to sufficiently protect its population, heightening the chance for ongoing outbreaks. Currently, only around one of every four Australians have received at least one vaccine dose, according to data government-sourced data. The current lockdown may roughly translate to a A$2 billion haircut to annual gross domestic product, according to Morgan Stanley and AMP.

The AU ANZ Roy Morgan Consumer Confidence Weekly report for the week ending June 27 will cross the wires this morning, giving further insight into how Aussies view the current and near-term economic conditions. The weekly data point rose to 112.4 last week. A weaker print, along with the recent lockdowns, may bode poorly for the Aussie Dollar. Bets for the Reserve Bank of Australia (RBA) to make a hawkish shift in the coming months may also be in danger, which could further strain AUD.

Elsewhere, Wall Street closed the opening day of trade on a high note, with the tech-heavy Nasdaq 100 index seeing a 1.25% gain. Financial stocks progressed higher after the New York closing bell on a slew of dividend announcements where banks like Goldman Sachs and Morgan Stanley boosted investor payouts. Treasury yields fell along with crude oil prices.

AUD/USD Technical Outlook:

AUD/USD’s overnight loss put it square up against its 200-day Simple Moving Average (SMA). The key moving average has been traded through twice over the past several weeks. A drop back below may lead to further losses. Still, the currency pair may be seeing a degree of confluent support from a former Head and Shoulders pattern’s neckline.

AUD/USD Daily Chart

audusd chart

Chart created with TradingView

Australian Dollar TRADING RESOURCES

--- Written by Thomas Westwater, Analyst for DailyFX.com

Contact Thomas at @FxWestwateron Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES