AUD/USD: the asset develops an upward correction
The Australian currency holds positive dynamics against the US dollar, trading at 0.6908.
According to the preliminary forecast announced during the last "Australian Strategic Business Forum - Melbourne" by the head of the Central Bank of Australia, Philip Lowe, inflation growth will continue to accelerate, updating records that will be recorded in the next quarterly reports. Economists believe that the next peak increase will be displayed already in Q2 and will amount to 6.3% from the current level of 5.1%, and key economic sectors will continue to decline. According to current data, the PMI (business activity index) for June in the manufacturing sector decreased from 56.2 points to 55.7 points, the service sector sank from 52.6 points to 50.4 points. The head of the regulator emphasized that the indicator of the neutral key rate in the current conditions of rising inflation should be the optimal indicator of 2.5%, and not 1.35%, as it is in the present.
- Support levels: 0.6855, 0.6710.
- Resistance levels: 0.6978, 0.7120.
The cost of oil
According to data from trading platforms, the benchmark Brent crude is trading in correction, testing the 97.60 mark.
A negative factor for the asset is the situation in Libya, after the restoration of production capacities at all fields, in which the level of oil production has already exceeded 800.0 thousand barrels in daily terms. In addition, the National Ministry of Gas and Oil confirmed its intentions to increase the daily production rate to the level of 1.2 million barrels. The supply of "black gold" by Iraq and Saudi Arabia in the market of the eurozone countries also helps to stabilize the situation on the raw materials market, which balances the balance of supply and demand. According to information from Bloomberg, energy resources are transported from Saudi Arabia by tankers to Egypt, after which they are delivered by pipeline to European storage facilities.
- Support levels: 95.62, 88.70.
- Resistance levels: 101.10, 108.00.
Gold Prices
The price of the precious metal is trading in an upward trend, holding at the level of 1720.00, within the advantage of the "bulls" since last Friday.
According to the updated statistics of the CFTC (US Commodity Futures Trading Commission), investors are actively closing deals. Last week displayed the minimum indicator of the May 2019 value of 95.0 thousand active positions, but analyzing the market situation, it was then after the recession that the instrument strengthened to $ 1.5 thousand from $ 1.2 thousand in price. The situation in the present has a similar trend to that in 2019, and it is sellers who are liquidating positions, since, taking into account a more detailed CFTC report, it is from swap dealers that the number of contracts for sale in the amount of 20,180 thousand has been reduced, against an increase in the number of contracts by 2,832.
- Support levels: 1695.0, 1650.0.
- Resistance levels: 1741.0, 1786.0.
Cryptocurrency Market Overview
Last week was marked by an attempt for digital gold to hold its positions above the level of 24200.00, but today the bears have regained superiority, because market participants focused around the meeting of the US regulator on monetary parameters announced on July 27.
At the same time, the negative dynamics on cryptocurrencies in general and on the first coin in particular are caused by the ambiguous situation among firms in the technology sector, whose focus is on the digital sphere of assets. In particular, information was confirmed that on the eve of the hedge fund SkyBridge Capital stopped payments of investment units for an indefinite period, and the crypto exchange Blockchain.com , operating in the USA, reduced 25% of full-time employees amid market destabilization. Gemini trading platform allowed a reduction of 7%, having dismissed 10% of employees the day before, wanting to reduce the company's costs.
- Resistance levels: 25000.00, 28125.00, 31250.00.
- Support levels: 21500.00, 18750.00, 16900.00.