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USD Suffers as Key Support Breaks, EURUSD, AUDUSD Benefit - US Market Open

USD Suffers as Key Support Breaks, EURUSD, AUDUSD Benefit - US Market Open

2019-06-24 12:35:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT –USD Suffers on Technical Break, EURUSD, AUDUSD Benefit

DailyFX Q2 2019 FX Trading Forecasts

USD: The USD is on the defensive to begin the week, trading with losses across the board as the greenback breaks below key technical support (below 200DMA). In turn, the USD now sits at the psychological 96.00 handle, consequently curbing further losses for now. Little in the way on the economic calendar today, as such, focus will be on Fed Chair Powell tomorrow, who will comment on the economic outlook.

EUR: Mixed IFO data had been shrugged off by the Euro, which continues to challenge the 1.14 handle to the upside, as last week’s announcements from the Fed & ECB drive a sizeable shift in sentiment for the currency. EURUSD has been muted throughout the session, thus the $2bln option expiry at 1.14 could hold for now. (full list of option expiry board)

AUD: Shorts continue to feel the squeeze with the Aussie hovering around 0.6950. Topside resistance is situated at 0.7000, which could see gains somewhat limit above the psychological figure. Markets perceived comments from RBA Governor Lowe to be less dovish, having stated that more infrastructure investment would benefit the country’s struggling economy. However, despite this, money markets are pretty certain that another 25bps cut will occur at the July 2nd meeting with interbank futures attaching an 84% likelihood of a cut.

USD Suffers as Key Support Breaks, EURUSD, AUDUSD Benefit - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

USD Suffers as Key Support Breaks, EURUSD, AUDUSD Benefit - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Central Banks Are Mostly Dovish But Norges Bank Signalls Further Rate Hikes” by Daniela Sabin Hathorn , Junior Analyst
  2. Crude Oil Analysis: Risks Tilted to Upside, Iran Plans to Break Nuclear Deal Limit” by Justin McQueen, Market Analyst
  3. Gold Price Outlook: Long-term Bullish, but Rally May Stall in the Short-term” by Paul Robinson, Currency Strategist
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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