Trading news

Daily Market News – 21/07/2016

AUD/USD
Today the key currency pair AUD/USD trades on negative area. Currently, the pair trades near the level of 0.7471 by losing 0.01%.

As BusinessInsider reports, “The Australian dollar continues to sink, weighed down by growing bets that the Reserve Bank of Australia will cut interest rates in less than two weeks time along with ongoing US dollar strength.”.

"After closing Wednesday’s session buying 0.7477, the AUD/USD sunk further in early Asian trade on Thursday, falling in sympathy with the New Zealand dollar as the Reserve Bank of New Zealand (RBNZ) signalled that a further reduction in interest rates was likely in its updated economic assessment releases earlier in the session."

While the Reserve Bank of New Zealand statement is directly linked to New Zealand interest rates, traders are taking the view that this will increases the likelihood that the RBA will also follow suit.

Next Wednesday’s Australian Q2 CPI report will be crucial in determining whether or not this view is justified.

The resistance levels for the Australian dollar are 0.7506 and 0.7538.

The support levels for the AUD/USD are following 0.7451 and 0.7429.

Metals
XAU/USD
This morning, the XAU/USD pair trades near to the mark of $1316 per ounce.

Overnight, gold fell as much as 1% in Wednesday's session, as the dollar hovered around four-month highs, ahead of a critical interest rate decision by the European Central Bank's Governing Council on Thursday afternoon in Frankfurt.

As Xinhua reports, “The U.S. Dollar Index rose by 0.14 % to 97.18 as of 19:00 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.”

Stronger U.S. equities also put pressure on the precious metal as the U.S. Dow Jones Industrial Average rose by 46 points, or 0.25% as of 19:00 GMT. Analysts note that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

The resistance levels for Gold are $1329 and $1343

The support levels for Gold are following $1307 and $1298

The information provided is for educational purposes only and should not be considered as investment advice.

Thursday, 21 Jul, 2016 / 9:28

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : https://www.hiwayfx.com/market-news/daily-market-news-%E2%80%93-21072016

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