• AUDUSD  Bid 0.66446  Ask 0.66459  Spread 1.3
  • EURUSD  Bid 1.10935  Ask 1.10946  Spread 1.1
  • GBPUSD  Bid 1.23338  Ask 1.23357  Spread 1.9

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Market Wrap:
2nd-6th Sept

Investors are provided with market outlook insights to help plan out their long term goals. Read the latest commentaries from our industry experts.

This week we focused our attention on the Australian Dollar and the US Dollar. The RBA held interest rates at 1.00% as expected this week as recent tension between the US and China calmed down. This saw the risk-on sentiment return to the market giving risk on assets a boost.

The USD declined this week as expected, this came after the market broke into new highs last week. NFP numbers from July were revised lower to 159k jobs, August numbers also declined further to 130k jobs showing a potential slowdown in the labor market.

The USD index remains range-bound as the USD fell back through the highs. With the labor market slowing down the Fed might come under less pressure as the USD will weaken.

GBPUSD continued to head towards the key weekly lows at 1.2400. The USD weakness helped push the price of GBPUSD higher and with the commercials continuing to buy GBP price could break through the 1.2400.

AUDUSD broke out of the wedge pattern we looked at on the market outlook at the start of this week. The risk-on sentiment returning to the markets helped price break higher towards the key trendline resistance.

AUDCHF broke higher as expected and re-tested the key resistance lows around 0.6760. If we are to see further upside in this market, we need the price to close above the key resistance and the risk-on sentiment to continue.

EURAUD continued lower as the Australian Dollar strengthened, technically another weekly close bearish suggests further momentum to the downside. The weekly trendline support will be likely targets for short positions.

Gold started to reject the key resistance level of $1554.00, the RSI indicators show divergence with price forming higher highs and the RSI forming lower highs. The Commitment of Traders report shows the increase in short positions at these key highs highlighting a reversal is likely.

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Market Wrap:
2nd-6th Sept

This week we focused our attention on the Australian Dollar and the US Dollar.

Read more

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Blueberry Markets is not a financial adviser, and does not issue advice, recommendations, or opinion in relation to acquiring, holding or disposing of a margined transaction. We provide general advice only and accordingly you should consider how appropriate the advice (if any) is to your objectives, financial situation and needs before acting on the advice.