Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

AUD/USD struggling to build on tepid recovery move

The AUD/USD pair struggled to build on early recovery move and continued navigating in the region of three-week lows touched in the previous session. 

Currently trading around 0.7570-65 band, Tuesday's perceived dovish RBA monetary policy statement, amid concerned over economic risks for the Chinese economy, continues to weigh on the Australian Dollar and seems to be one of the key factor restricting any meaningful recovery from the very important 200-day SMA support.

Meanwhile, a consolidative greenback price-action, with the key US Dollar Index stuck in a narrow range below mid-100.00s, has failed to provide any impetus for the pair's movement on Wednesday.

However, the prevalent positive trading sentiment surrounding commodity space, especially copper, extended some support to the commodity-linked currencies, including the Aussie. Adding to this, a soft performance by the US treasury bond yields further benefitted higher-yielding currencies and also seems to be collaborating towards limiting any immediate downslide for the major, at least for the time being. 

Wednesday's key focus would be on the US economic docket, featuring the release of ADP report on private sector employment, ISM non-manufacturing PMI and minutes of the latest FOMC meeting, which might influence investors’ expectations over the Fed's near-term monetary policy outlook and eventually determine the pair's next leg of directional move.

Technical levels to watch

From current levels, any recovery move is likely to confront immediate resistance near the 0.7600 handle, above which a bout of short-covering could lift the pair back towards 50-day SMA hurdle near 0.7630 region. On the downside, the 0.7555-50 region (200-day SMA) remains immediate strong support to defend, which if broken is likely to accelerate the slide towards the key 0.7500 psychological mark ahead of 0.7475 horizontal support.

UK: Services PMI to reverse its previous two months’ losses - TDS

In view of the analysts at TDS, while the UK’s manufacturing and construction PMIs confirmed our downside risks earlier this week, they see scope for
Read more Previous

CNH crosses: More balanced risk on a less vulnerable CNH

Irene Cheung, Senior Strategist at ANZ, explains that after a prolonged period of underperformance, CNH is likely to be less vulnerable this year, hel
Read more Next