AU: Focus on Trade
Fundamental:
RBA statement seemed "hawkish" on growth but expected persistently low rates through Q2 2020...GDP and Retail Sales confirmed continued slow growth.
USD is heading into NFP with a weak stance after a big miss on ADP employment.
Q3 GDP still outperforming other major economies at 2.1%.
NFP should have a short-term affect on markets with a small sell-off of greenback - and then attention towards Trade as we inch closer to tariff increase on the 15th, and still no Phase 1 deal.
Increase of tariffs will put significant pressure on AUD as its caught in the crossfire.
Technical:
*Fib levels
Support levels: 0.6800 0.6770 0.6730
Resistance levels: 0.6865 0.6890 0.6920
**Trade invalid on a break below 0.68000
-Krecioch
RBA statement seemed "hawkish" on growth but expected persistently low rates through Q2 2020...GDP and Retail Sales confirmed continued slow growth.
USD is heading into NFP with a weak stance after a big miss on ADP employment.
Q3 GDP still outperforming other major economies at 2.1%.
NFP should have a short-term affect on markets with a small sell-off of greenback - and then attention towards Trade as we inch closer to tariff increase on the 15th, and still no Phase 1 deal.
Increase of tariffs will put significant pressure on AUD as its caught in the crossfire.
Technical:
*Fib levels
Support levels: 0.6800 0.6770 0.6730
Resistance levels: 0.6865 0.6890 0.6920
**Trade invalid on a break below 0.68000
-Krecioch
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