Technical Overview of AUD/USD, GBP/USD and USD/CAD Currency Pair

AUD USD

AUD traded lower against USD and closed at 0.6646.

Australia 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 Australian dollar quotes.

AUD/USD stalls its bearish momentum over the last hour, having reached a new 11-year low at 0.6630 after an uptick in the Australian Unemployment Rate revived RBA rate cut expectations. The PBOC rate cut also hurt the sentiment around the Aussie. 

According to the Analysis, pair is expected to find support at 0.6668 and a fall through could take it to the next support level of 0.6658. The pair is expected to find its first resistance at 0.6700 and a rise through could take it to the next resistance level of 0.6710.

GBP USD

GBP traded lower against USD and closed at 1.2913.

Retail Sales m/m show the changes in the value of retail goods sold in the UK for the given month compared to the previous one. The calculation uses season-adjusted data from British retailers.

The indicator is used in forecasting, budgeting and in the development of the UK financial and economic policy. The retail sales growth can affect the British pound quotes positively.

GBP/USD declines to 1.2920 during Thursday’s Asian session. In doing so, the pair extends its U-turn from 50-day SMA while nearing the key support trend line from November 2019. Also supporting the odds of the pair’s further declines could be the bearish MACD.

According to the Analysis, pair is expected to find support at 1.2907 and a fall through could take it to the next support level of 1.2880. The pair is expected to find its first resistance at 1.2997, and a rise through could take it to the next resistance level of 1.3204.

USD CAD

USD traded higher against CAD and closed at 1.3228.

The Energy Information Administration’s (EIA) Crude Oil Stocks Change Indicator is published weekly. It measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices.

Growing crude oil stocks indicate a weaker demand for oil and can have a negative impact on the oil barrel price.

The pair recently bounced off the monthly lows as trade sentiment worsened following fresh coronavirus risk. The same pull Canada’s main export, crude oil, from the highest in four weeks.

According to the Analysis, pair is expected to find support at 1.3213 and a fall through could take it to the next support level of 1.3203. The pair is expected to find its first resistance at 1.3247, and a rise through could take it to the next resistance level of 1.3257.

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Author: Mark Burg