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Valutrades Market Blast 21 May 2019

Valutrades Forex CFDs and Commodities

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AUDUSD - At Four Month Low Around 0.69 after Federal Election

 

 
Despite rallying a little in the last couple of days, the AUDUSD has continued to decline over the last month moving to a four month low around 0.6865 before the recent rally. The key 0.7050 level which ably supported the currency pair and more recently has provided resistance is likely to play a role again should prices return. Despite several attempts, the AUDUSD has been unable to move back above this level as it is now offering resistance and preventing it from returning to its range above 0.7050.
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Australia Employment Change

Today at 1:30am UK Time. Employment Change measures a change in the number of officially employed Australians in the reported month. Employment growth is a sign of a stronger labor market and can be seen as positive for the AUD quotes. F:30K, P:25.7K. #AUDUSD may test 0.7050.

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Market Recap: 6 - 10 May

 

 
On Tuesday last week we covered the AUDUSD which has continued to do very little trading under the current key level of 0.7050. In the last couple of weeks the AUDUSD has continued to decline further moving to a four month low under 0.70, which all started several weeks ago when it dropped very sharply to near 0.70 within 24 hours and this saw it fall below the key 0.7050 level to a six week low.
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AUDUSD - Near Four Month Low Around 0.70 as RBA Rate Cut a 50/50 Bet

 

 
In the last week or so the AUDUSD has continued to decline further moving to a four month low under 0.70. Only a couple of weeks ago the AUDUSD dropped very sharply to near 0.70 within 24 hours and this saw it fall below the key 0.7050 level to a six week low. Significantly it has been unable to move back above this level as it is now offering resistance and preventing it from returning to its range above 0.7050. 
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Reserve Bank of Australia (RBA) Interest Rate Decision

Today at 5:30am UK time. RBA Interest Rate Decision is one of the key instruments of the national monetary and credit policy, and the release contains announcements of interest rate and explanations to the bank's decision. F:1.5%, P:1.5% #AUDUSD may ease lower below 0.70.

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Market Recap: 22 - 26 April

 

 
On Tuesday last week we covered the USDCAD which for the first time in some time left the prevailing range and traded above the key 1.34 level reaching its highest level in 2019 before easing a little to finish the week. In the last few weeks the USDCAD has traded within a narrow range and consolidated under the current key level of 1.34 which was also offering resistance to the currency pair moving higher. 
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AUDUSD - Drops to Six Week Low near 0.70 after Record Low Inflation

 

 
In the last week the AUDUSD has fallen lower which has had an exclamation point placed on it in the last 24 hours when the currency pair has dropped very sharply to near 0.70. This move has seen it fall below the key 0.7050 level to a six week low and it will be interesting to see if it is able to rally and move back above this level. Up until recently the AUDUSD had been frustrating many as it moved very little spending most of its time in the range roughly between 0.7050 and 0.7150.
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Market Recap: 15 - 19 April

 

 
On Tuesday last week we covered the AUDUSD which for the first time in some time left the prevailing range and traded above the key 0.7150 level for most of the week. The AUDUSD continues to frustrate many a trader as it continues to move little as it spends most of its time in the range roughly between 0.7050 and 0.7150. 
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Australia Employment Change

Today at 1:30am UK time. AU Employment Change measures a change in the number of officially employed Australians in the reported month, and is a sign of a stronger labor market and can be seen as positive for the AUD. F:20.6K, P:4.6K. #AUDUSD may test 0.7150.

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