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UAE Presidents Foreign Policy Advisor: The UAE is exercising restraint and seeking a way out for Iran and the region.The UAE presidents foreign policy advisor said Irans accusations against the UAE are "part of its unwise and chaotic policy."On March 15, S&P Global Ratings affirmed Saudi Arabias sovereign credit rating, adding that despite disruptions, non-oil growth momentum and related non-oil revenues should help support the economy. S&P stated that Saudi Arabia should be able to withstand the impact of the current conflict with Iran. S&P noted that the country should be able to shift oil exports to the Red Sea, utilize its vast oil storage capacity, and increase oil production post-conflict. The Saudi government should also be able to adjust investment spending related to "Vision 2030," a strategic framework launched by the country in 2016.On March 15th, Matt Reed, Vice President of the geopolitical and energy consultancy Foreign Reports, stated that an attack on Kharg Island could trigger Iranian retaliation against Gulf oil-producing countries. He said, "Iran will retaliate in kind." The United States warned on Friday that if Iran continues to block the Strait of Hormuz, Kharg Islands oil facilities could become the next target. Reed warned that the longer the conflict continues, the harder it will be to find alternative energy supplies. "At least 10 million barrels of oil are trapped in the Gulf every day, plus more than 4 million barrels of refined petroleum products and tens of billions of cubic feet of liquefied natural gas, with no easy alternatives." The International Energy Agency has announced the largest emergency oil reserve release in history, with 32 member countries planning to release approximately 400 million barrels of oil. However, Reed believes this measure will have limited effect, stating, "By the time the oil gets to the market, it may be too little, too late." He described it as nothing more than a "band-aid."On March 15th, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that in the past 48 hours, the US and Israel had launched attacks on several civilian industrial facilities in Iran, resulting in the deaths of several workers. The statement said that after setbacks in its confrontation with Iran, the US and Israel have turned to attacking non-military industrial facilities. Iran warned that US companies in the region should withdraw from their facilities and urged nearby residents to stay away from industrial areas with US capital involvement to avoid potential attacks.

AUD/USD The 20-day exponential moving average (EMA) will continue to serve

Daniel Rogers

Jul 12, 2022 14:45

 截屏2022-07-12 上午9.51.02.png

 

The movement of the AUD/USD pair is volatile during the Asian session. The asset was auctioned in the region of 0.6732 to 0.6746 with a sluggish increase in the US dollar index (DXY). Monday saw little improvement in the major as it lost the important support level of 0.6760. The asset's value dropped to 0.6716, a fresh two-year low.

 

The Darvas Box pattern breaks, increasing the volatility of the counter. The aforementioned chart pattern has grown since July's first trading session inside a wider range of 0.6761-0.6900.

 

Negative filtering is strengthened around 0.6827 by a bearish cross of the 20-period and 50-period Exponential Moving Averages (EMAs).

 

Further losses are expected as the Relative Strength Index (RSI) (14) has shifted into the negative territory between 20.00 and 40.00. There are no divergence or oversold circumstances present in the momentum oscillator RSI (14) reading.

 

The dollar bulls will push the asset to its 29 May 2020 top of 0.6683 if it drops below Monday's low of 0.6713. If the latter limit is crossed, the asset will reach its top on April 30, 2020, at 0.6570.

 

In contrast, if the asset breaks beyond the July 5 high of 0.6896, the dollar bulls may lose their grip. A similar occurrence would drive the asset to its peak on June 30 at 0.6920 and then to its peak on June 28 at 0.6965.


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