Analysis and important financial markets data on 08 July 2019
At the beginning of the trading week there are no very important economic data for release, which makes a close monitoring of all news more important.
The U.S. Dollar has received strong support from U.S. Labor Market data at the end of last week's trading session, as it has moved toward the 1.12 USD level. This week's trading begins consolidating in this range with support at the 1.1220 level. If the Bears break through this level, the path could take them to the 1.1190 level, where it is likely to trigger larger take profit orders. Currently, there is not much upside potential and a first resistance at 1.1240 should be expected, if breached, the path could lead to the next resistance at 1.1270. If this resistance will fall sustainably, this could be a new signal for the bulls.
After the Australian Dollar crossed the USD 0.70 level again last week, the U.S. labor market data last Friday showed it fell back below the 0.6960 level, and a slight rally has begun and the price is now just below the resistance level of 0.6995. If the pair continues above the resistance, this could clear the way to the next target of USD 0.7017. On the short side, there is little room, but movements to the 0.6970 level might be possible.
The opinions of the author to market behaviour does not constitute a financial advise or solicitation to buy or sell any financial products, but are merely a personal opinion. When you trade leveraged financial products, you must be aware that a loss up to the amount of your deposit is possible, and in addition can also be an obligation to arise. Make yourself familiar with active trading or get independent advice before you invest your own money and use only money to invest that you can afford to lose in the worst case