Adam Lee

COZFX: Aussie trading higher, ahead of the RBA meeting minutes

COZFOREX: For the past trading session, the AUD rose 0.66% against the USD and closed at 0.7020 on Friday.

In commodities, LME Copper prices rose 0.4% or $25.0/MT to $5950.0/MT; Meanwhile, Aluminium prices declined 0.4% or $7.5/MT to $1799.0/MT.

In the Asian session (at GMT0300), the pair is trading at 0.7033, with the AUD trading 0.19% higher against the USD from Friday’s close.

Overnight data showed that China’s gross domestic product climbed 1.6% on a quarterly basis in 2Q 2019, rising at its weakest pace in 27 years and higher than market expectations for an advance of 1.5%. In the previous quarter, GDP had recorded a rise of 1.4%. Moreover, the nation’s industrial production jumped 6.3% on an annual basis in June, higher than market expectations for a rise of 5.2%. In the previous month, industrial production had registered an increase of 5.0%. Additionally, retail sales advanced 9.8% on a yearly basis in June, higher than market expectations for a rise of 8.5%. In the prior month, retail sales had recorded a rise of 8.6%.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.6999 and a fall through could take it to the next support level of 0.6966; Meanwhile, the pair is expected to find its first resistance at 0.7050, and a rise through could take it to the next resistance level of 0.7068.

Looking ahead, traders would await the Reserve Bank of Australia’s meeting minutes, slated to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

COZFX: Yellow metal reverses its gains in the morning session

COZFOREX: For the past trading session, Gold rose 0.24% against the USD and closed at USD1399.00 per ounce.

In the Asian session (at GMT0300), the pair is trading at 1396.00, with gold trading 0.21% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: Gold is expected to find support at 1388.20 and a fall through could take it to the next support level of 1380.40; Meanwhile, Gold is expected to find its first resistance at 1403.10, and a rise through could take it to the next resistance level of 1410.20.

The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


(COZ Forex UK)

COZFX: Crude oil trading higher in the Asian session

COZFOREX: For the past trading session, crude Oil rose 1.27% against the USD and closed at USD57.26 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 1.1 million barrels to 468.5 million in the week ended 28 June 2019. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 5 to 788 in the week ended 03 July 2019.

In the Asian session (at GMT0300), the pair is trading at 56.97, with oil trading 0.51% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 56.15 and a fall through could take it to the next support level of 55.33; Meanwhile, the pair is expected to find its first resistance at 57.68, and a rise through could take it to the next resistance level of 58.39.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


(COZ forex UK)

COZFX: Canada’s GDP growth surpassed expectations in April

COZFOREX: For the past trading session, the USD slightly declined against the CAD and closed at 1.3096 on Friday.

Data showed that Canada’s gross domestic product (GDP) advanced 0.3% on a monthly basis in April, more than market expectations for a rise of 0.2%. In the previous month, the GDP had registered a rise of 0.5%.

In the Asian session (at GMT0300), the pair is trading at 1.3096, with the USD trading flat against the CAD from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.3070 and a fall through could take it to the next support level of 1.3045; Meanwhile, the pair is expected to find its first resistance at 1.3111, and a rise through could take it to the next resistance level of 1.3127.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.


(COZ forex UK)

COZFX: Pound reverses its losses in the morning session

COZforex: For the past trading session, the GBP declined 0.05% against the USD and closed at 1.2739.

In the Asian session (at GMT0300), the pair is trading at 1.2746, with the GBP trading 0.05% higher against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: GBP/USD is expected to find support at 1.2714 and a fall through could take it to the next support level of 1.2681; Meanwhile, the pair is expected to find its first resistance at 1.2773, and a rise through could take it to the next resistance level of 1.2799.

With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)