GBP/AUD Exchange Rate Edges Higher
Hello traders!
PrimeXBT is here again with another technical analysis breakdown, and today we are taking a look at GBP/AUD.
Currently, escalating tensions between the US and Iran are threatening to throw the global political and economic situation into further chaos, dampening market confidence in the risk-sensitive Australian Dollar (AUD) today.
Australian Dollar traders are becoming increasingly concerned that souring US-Iran relations could have a knock-on effect on US-China relations, compromising the likelihood of a 15th January trade deal between the two superpowers.
With China being Australia’s largest trading partner, this has compromised some of the ‘Aussie’s gains against the Pound today. Any further signs of a breakdown between the US and China, however, will prove to be negative for AUD.
Tomorrow (01.08) will also see the publication of the influential Australian AiG Performance of Construction Index for December, with any signs of improvement last month bolstering optimism Australian Dollar.
The US investment bank, Goldman Sachs, said in its statement:
‘The Reserve Bank of Australia to flag downside risks to the outlook from the bushfires in its February Statement on Monetary Policy, but don’t expect the fires to materially impact its central forecasts or policy decision at this stage. Also, the government’s deployment of military assets could provide a larger-than-expected boost to government consumption.’
The noteworthy feature here is the Pound (GBP) rose against the Australian Dollar (AUD) due to growing optimism over Brexit’s progress, with the House of Parliament generally expected to pass Prime Minister Boris Johnson’s revamped Brexit Withdrawal Agreement Deal largely unchallenged.
The Pound’s gains, however, may be short-lived as Brexit discussions are set to continue this week. Any signs that Boris Johnson could successfully shorten the UK-EU transition period would likely leave UK markets feeling jittery on the increased prospect of a no-deal conclusion later on this year.
A daily close under uptrend line opens the door to reversing the dominant uptrend.
Please, let us know what you think about GBP/AUD in the comment section below.
Keep an eye out for more PrimeXBT trading signals for other assets.
PrimeXBT is here again with another technical analysis breakdown, and today we are taking a look at GBP/AUD.
Currently, escalating tensions between the US and Iran are threatening to throw the global political and economic situation into further chaos, dampening market confidence in the risk-sensitive Australian Dollar (AUD) today.
Australian Dollar traders are becoming increasingly concerned that souring US-Iran relations could have a knock-on effect on US-China relations, compromising the likelihood of a 15th January trade deal between the two superpowers.
With China being Australia’s largest trading partner, this has compromised some of the ‘Aussie’s gains against the Pound today. Any further signs of a breakdown between the US and China, however, will prove to be negative for AUD.
Tomorrow (01.08) will also see the publication of the influential Australian AiG Performance of Construction Index for December, with any signs of improvement last month bolstering optimism Australian Dollar.
The US investment bank, Goldman Sachs, said in its statement:
‘The Reserve Bank of Australia to flag downside risks to the outlook from the bushfires in its February Statement on Monetary Policy, but don’t expect the fires to materially impact its central forecasts or policy decision at this stage. Also, the government’s deployment of military assets could provide a larger-than-expected boost to government consumption.’
The noteworthy feature here is the Pound (GBP) rose against the Australian Dollar (AUD) due to growing optimism over Brexit’s progress, with the House of Parliament generally expected to pass Prime Minister Boris Johnson’s revamped Brexit Withdrawal Agreement Deal largely unchallenged.
The Pound’s gains, however, may be short-lived as Brexit discussions are set to continue this week. Any signs that Boris Johnson could successfully shorten the UK-EU transition period would likely leave UK markets feeling jittery on the increased prospect of a no-deal conclusion later on this year.
A daily close under uptrend line opens the door to reversing the dominant uptrend.
- Support Levels: 1.877, 1.865, 1.855
- Support Zone: 1.89 - 1.895
- Resistance Zones: 1.918 - 1.92 , 1.939 - 1.952, 1.974 - 2.005
Please, let us know what you think about GBP/AUD in the comment section below.
Keep an eye out for more PrimeXBT trading signals for other assets.
Trade ist aktiv:
Touched the support-uptrend line.
