AUD/USD: Australian currency remains under pressure
The Australian dollar is developing a downward dynamic, reaching the level of 0.6250, renewing its lowest level since April 2020. A negative factor for the AUD/USD pair is the tense situation on the trading floors, which developed because of the intensifying crisis in the energy sector and the geopolitical crisis on the eastern flank of NATO.
Macroeconomic statistics complements the pressure on the positions of the instrument. So, at the beginning of trading week the attention of investors was not avoided by the data on the AIG index of the service sector and service activity in Australia (Australian Industry Group), which showed a decrease in September to 48.0 points against 553.3 points earlier, not justifying the forecast of the decline to 50.0 points given by experts. Today's release of consumer activity data from Westpac Banking Corp. said the index for October had lost 0.9 percent from a 3.9 percent rise in the previous month. Business Environment was in a similar situation as the NBA index for September came under pressure, falling to 5.0 points from an earlier 10.0 points. The business environment for the same period pushed the index to 25.0 points from the previous 20.0 points, contrary to economists' forecast of a decline to 18.0 points.
- Resistance levels: 0.6320, 0.6362, 0.6450 and 0.6522.
- Support levels: 0.6250, 0.6200, 0.6140, 0.6100.
USD/CHF: instrument strengthening to the June maximum
Currency pair USD/CHF is rapidly rising to a record high for June this year due to the positive macroeconomic data in the U.S., released last Friday.
According to the publication, the working population, excluding the agricultural sector, rose by 263.0 thousand, against expectations of 250 thousand, while the number of unemployed decreased to 3.5% from 3.7%. The results of the reports reflected the sufficient margin of safety of the national economy in the face of the US Federal Reserve's rapid appreciation strategy for the key indicator, which is in line with the preliminary estimates of the agency's officials and a number of experts.
- Resistance levels: 1.0040 and 1.0120.
- Support levels: 0.9940, 0.9840.
Gold Signals
During the Asian session, gold prices strengthened the downward trend seen since October 5, where gold had tested the highs of September 13, now having reached the level of 1660.00.
The "safe haven" asset is under the influence of a number of negative factors, including the intention of the US Federal Reserve to raise the interest rate in the future, which is actively picked up by the key global regulators. As a reminder, the nearest working meeting of the US Central Bank officials is announced for the first dates in November, meanwhile investors have no doubts about the continuation of monetary policy tightening, only wanting to get hints on the pace of the upcoming increase in values. The U.K. regulator has already turned down its officials' statements after the authorities of the country revised their plans regarding the tax burden adjustment, but did not abandon the "high rates" strategy altogether. For its part, the ECB (European Central Bank), continues to use the softest rhetoric among the aforementioned institutions, but continues to come under pressure, especially from the German Federal Bank. Today, October 11, a number of central bankers are expected to speak and experts expect to get hints from Bank of England Governor Andrew Bailey on further monetary policy strategy.
- Resistance levels: 1675.00, 1688.58, 1700.00, 1720.00.
- Support levels: 1653.92, 1640.00, 1620.00, 1600.00.
Brent Crude Oil Signals
The price of benchmark Brent crude oil is displaying multidirectional trading, sitting at 95.00.
Earlier the asset was losing its position on the market, it left the local high of August 31 as a part of the market reaction to the growing risks of reduction in demand for a number of energy carriers. In particular, traders can not fully assess the consequences of tightening of monetary parameters by key regulators, preferring to take a wait-and-see attitude, leaving activity at a low level. The long-term outlook leaves a recession in the world economy possible.
- Resistance levels: 96.54, 97.80, 100.00, 101.00.
- Support levels: 94.50, 92.47, 91.00, 88.79.
If you are interested in Brent analytics, we recommend you to visit the analytics page, where you can find the latest analytics on Forex from top traders from all over the world. These analytics will be useful both for beginners and professional traders. The Forex signals service makes it much easier for beginners to make their first steps in trading on the financial markets. The latest Brent forecasts and signals contain support and resistance levels, as well as stop-loss levels.