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Futures News, August 12th: Crude oil prices have recently stabilized and fluctuated after declining from high levels. The market awaits the US-Russia negotiations, with investors cautiously viewing the talks. There are divergent views on the negotiations, with bulls and bears remaining divided, and the market is generally on the sidelines. As the date of the talks approaches, more and more details are being released. Russia and Ukraine are likely to use territory as a bargaining chip, but this increases the difficulty of the negotiations. Therefore, against this backdrop, crude oil prices are showing resistance to declines, with clear support below, and a volatile market in the short term.On August 12th, US President Trump stated at a White House press conference on the 11th that his meeting with Russian President Vladimir Putin in Alaska on the 15th would be an "exploratory meeting" with "a better or worse outcome," but expressed confidence that the two sides would engage in "constructive dialogue." Trump said he would know the outcome two minutes into the meeting because he was a "dealer." Trump stated that after the Alaska summit, he hoped to "eventually" arrange a meeting between Ukrainian President Volodymyr Zelensky and Putin, and that a trilateral meeting between the US, Russia, and Ukraine could be held if necessary. Trump also stated that US-Russia trade could increase after the Russia-Ukraine agreement.Japans Ministry of Finance will auction 800 billion yen of 20-year government bonds on August 19.Fitch: Singapore banks earnings remain solid despite margin pressure.The Hang Seng Index in Hong Kong opened at 24,824.07 points, down 82.74 points, or 0.33%, on Tuesday, August 12; the Hang Seng Tech Index in Hong Kong opened at 5,427.81 points, down 32.21 points, or 0.59%, on Tuesday, August 12; the CSI 300 Index opened at 8,858.01 points, down 30.07 points, or 0.34%, on Tuesday, August 12; and the H-share Index opened at 4,290.39 points, up 1.08 points, or 0.03%, on Tuesday, August 12.

AUD/USD Price Prediction: 0.6770 aims to recapture last week's high

Daniel Rogers

Dec 27, 2022 10:58

 AUD:USD.png

 

During the Asian session, the AUD/USD pair broke above the thin consolidation around 0.6720. As market risk appetite rises, the Australian asset has surged over 0.6750 and is expected to reclaim the previous week's high around 0.6770.

 

In the meantime, the US Dollar Index (DXY) is experiencing firm resistance near the key level of 104.00, as a decrease in the United States Personal Consumption Expenditure (PCE)-Price Index has boosted expectations of less-hawkish monetary policy in the near future from the Federal Reserve (Fed).

 

Thursday's responsive buying activity in the Australian dollar at 0.6660 pushed the asset above the 50-period and 200-period Exponential Moving Averages (EMAs) at 0.6703 and 0.6717 respectively. After surpassing the previous week's peak of approximately 0.6770, the Australian Dollar will see significant increases.

 

In addition, the Relative Strength Index (14) has moved into the positive zone between 60.00 and 80.00, indicating the emergence of bullish momentum.

 

The Australian dollar will face round-level resistance and the high from December 14 around 0.6800 and 0.6880, respectively, after surpassing the previous week's high at 0.6770.

 

In contrast, a loss below the December 12 low of about 0.6630 will drive the asset towards the round-level resistance at 0.6600, followed by the November 8 high of about 0.6550.

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