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The Dow Jones Industrial Average closed down 592.70 points, or 1.20%, at 48,908.60 on Thursday, February 5; the S&P 500 closed down 84.42 points, or 1.23%, at 6,798.30; and the Nasdaq Composite closed down 363.99 points, or 1.59%, at 22,540.59.February 6th - U.S. stocks closed lower on Thursday. The Dow Jones Industrial Average fell 1.2%, the S&P 500 fell 1.2%, and the Nasdaq Composite fell 1.59%, marking the third consecutive day of declines for the latter two. The Nasdaq has fallen nearly 4% this week. Tesla (TSLA.O) fell 2%, Nvidia (NVDA.O) fell more than 1%, and Oracle (ORCL.N) fell 7%. The Nasdaq China Golden Dragon Index closed up 0.9%, Dingdong Maicai (DDL.N) fell 14%, and NIO (NIO.N) rose 6%.February 6th - Commodity traders are continuing to withdraw from assets that have recently seen strong gains. Precious and industrial metals fell again today, with some traders observing funds shifting to other commodity sectors such as agricultural futures. "Fund flows are a significant factor," noted Karl Setzer of Consus Agriculture Consulting. "The agricultural sector is relatively undervalued, thus attracting inflows."February 6 – Canadian Prime Minister Mark Carney announced a new electric vehicle strategy on February 5, including the reintroduction of purchase subsidies and a commitment to collaborating with China to promote domestic production and export of electric vehicles in Canada. According to a statement released by the Prime Ministers Office, Canada will fully utilize existing and new trade agreements, including the recent electric vehicle cooperation agreement with China, to promote large-scale investment in the sector, diversify Canadas automotive export markets, and establish Canada as a global leader in the electric vehicle industry.The United States will remove 1,675 retaliatory tariffs on Argentine products.

Price Analysis: AUD/USD Advances Toward 0.6740 Ahead Of PBoC's Decision

Alina Haynes

Apr 19, 2023 16:00

AUD:USD.png 

 

The AUD/USD pair strengthened to near 0.6740 after a gradual retracement. In light of the weakening U.S. dollar and the upward revision of China's growth rate forecast, the demand for Australian dollars was exceptional. The US Dollar Index (DXY) is exhibiting a dearth of volatility prior to the release of the Federal Reserve's (Fed) Beige Book.

 

The Australian Dollar remained active on Tuesday after the Reserve Bank of Australia (RBA) minutes were released. The RBA minutes revealed that policymakers actively debated a rate hike, but ultimately decided to maintain the current 3.6% rate. Philip Lowe, the governor of the Reserve Bank of Australia, stated that the central bank needs more time to compile information prior to taking action.

 

After a robust quarterly performance, forecasting agencies were enthusiastic about increasing their projections for China's Gross Domestic Product (GDP). In the future, the People's Bank of China's (PBOC) interest rate determination will be the primary event. Australia is China's greatest trading partner, and optimistic economic forecasts from China would benefit the Australian Dollar.

 

The AUD/USD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The 20-period Exponential Moving Average (EMA) is superimposed on the price of the asset at 0.6720, indicating lackluster performance.

 

Currently, the Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00, indicating the absence of a possible trigger.

 

A future break above the March 22 high of 0.6759 will propel the asset toward the April 3 high of 0.6693. A breach above the latter would cause the asset to reach a new low on February 6 of 0.6855.

 

A breach of the April 10 low at 0.6620 would expose the Australian dollar to the March 10 low at 0.6564, followed by the round-number support at 0.6500, according to an alternative scenario.


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