AUD/USD is discovering short-term help on the 15-minute Pivot Level line.
Will the pair lengthen its uptrend within the subsequent buying and selling classes?
Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/JPY’s development pullback forward of Australia’s CPI launch. Make sure you try if it’s nonetheless play!
And now for the headlines that rocked the markets within the final buying and selling classes:
Contemporary Market Headlines & Financial Information:
FHFA Home Value Index for Q2: 3.1% y/y (2.9% forecast / earlier); 0.3% m/m (0.6% m/m forecast; 0.7% m/m earlier)
U.S. Job Openings and Labor Turnover Survey confirmed open job openings decreased from 9.17M in June to eight.83M in July
Convention Board U.S. client confidence: 106.1 (116.0 forecast; 117.0 earlier)
Crypto asset supervisor Grayscale Investments wins its lawsuit towards the SEC on Tuesday
New Zealand’s constructing consents dipped by 5.2% m/m (-25.4% y/y) in July vs. a 3.4% m/m uptick in June
Australian inflation slowed from 5.4% y/y to a 17-month low of 4.9% y/y in July pushed by declines in vacation journey and gasoline costs
Australia’s constructing approvals dropped by 8.1% m/m in July (vs. -0.8% anticipated, -7.9% earlier)
Australia’s building work completed up by 0.4% q/q in Q2 (vs. 1.0% anticipated, 1.8% earlier)
Japan’s client confidence slipped from 37.1 to 36.2 in August (vs. 37.5 anticipated)
Switzerland’s KOF financial barometer weakened from 92.2 to 91.1 in August, as “the indications on the employment state of affairs developed negatively” for the month
Spanish inflation rose once more in August, up by 2.4% y/y vs. 2.1% in July because of an increase in gasoline costs
Value Motion Information
A little bit of profit-taking from the U.S. session’s greenback selloff supplied some help for the USD earlier at the moment.
It additionally didn’t harm the secure haven that North Rhine Westphalia, Germany’s most populous state, reported CPI rising 0.5% in August, an annual enhance of 5.9%, above expectations. In the meantime, Spanish CPI rose 0.5% on the month in August and can be above expectations.
The stronger-than-expected CPI studies highlighted the present high-interest charge surroundings and the (very actual) chance of additional tightening by main central banks.
The greenback began Asian session buying and selling by coming off its U.S. session lows and largely prolonged its shallow upswings towards counterparts like JPY, NZD, EUR, and CHF.
U.S. ADP report at 12:15 pm GMT
U.S. preliminary GDP and quarterly worth index at 12:30 pm GMT
U.S. pending residence gross sales at 2:00 pm GMT
U.S. crude oil inventories at 2:30 pm GMT
Japan’s preliminary industrial manufacturing at 11:50 pm GMT
Japan’s retail gross sales at 11:50 pm GMT
AU non-public capital expenditure at 1:30 am GMT (Aug 31)
China’s manufacturing and non-manufacturing PMIs at 1:30 am GMT (Aug 31)
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We’ve acquired a bunch of carefully watched U.S. studies on faucet so you recognize we gotta watch a U.S. greenback pair at the moment!
I’m setting my sights on AUD/USD, which is discovering help from the 15-minute Pivot Level line after getting rejected on the .6490 space.
Will AUD/USD lengthen its uptrend from its present ranges? Or will the pair see some extra promoting earlier than the bulls come again?
The U.S. ADP, preliminary GDP, and pending residence gross sales are anticipated to print barely weaker numbers in comparison with its final readings. If the earlier U.S. session is any clue, it might translate to extra USD weak spot.
However China can be releasing its official PMI numbers in the course of the Asian session. Extra importantly, markets see the PMIs coming in weaker than their July figures.
If the studies from the U.S. and China translate to danger aversion in the course of the U.S. and early Asian session buying and selling, then AUD/USD might revisit decrease areas of curiosity like .6450 or .6430.
But when we see extra USD weak spot within the subsequent couple of hours, then AUD/USD might bounce from its present help zone and revisit its weekly highs. It could even hit .6500 if we see sufficient bullish momentum!