{"id":127898,"date":"2018-06-06T07:05:46","date_gmt":"2018-06-06T11:05:46","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=127898"},"modified":"2018-06-06T06:25:36","modified_gmt":"2018-06-06T10:25:36","slug":"australia-gdp-rises-sharply","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/australia-gdp-rises-sharply\/","title":{"rendered":"Australia GDP rises sharply"},"content":{"rendered":"
June 6, 2018<\/div>
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By Orbex<\/a><\/strong><\/p>\n

The U.S. dollar was seen trading mixed on Tuesday. The declines came despite a strong non-manufacturing PMI report from ISM. The ECB President, Mario Draghi was scheduled to speak on Tuesday but the meeting was called off. Meanwhile, the new Italian Prime Minister Giuseppe Conte gave his speech where he\u00a0touched upon the manifesto of the coalition government<\/a>\u00a0which included rejecting austerity measures. The Euro was little changed on his comments.<\/p>\n

The\u00a0RBA\u2019s monetary policy meeting did not see any major changes<\/a>\u00a0as the central bank held interest rates unchanged at 1.50% as widely expected.\u00a0Markit\u2019s services PMI data from the Eurozone<\/a>\u00a0showed that services sector activity eased to 53.8, down from April\u2019s print of 53.9. In the UK, the services sector activity rebounded to 54.0 beating estimates of a modest increase to 52.9.<\/p>\n

In the U.S. trading session, the ISM\u2019s non-manufacturing PMI data showed a strong increase to 58.6 which was above estimates of 57.9 and higher than April\u2019s 56.8.<\/p>\n

Earlier in the day, Australia\u2019s quarterly GDP data showed a 1.0% increase in the first quarter. This was higher than the estimates of a 0.9% increase and the GDP advanced from a revised 0.5% in the fourth quarter of 2017.<\/p>\n

Looking ahead, the economic calendar for the day includes the trade balance figures from Canada which will later be followed by the\u00a0U.S. non-farm<\/a>\u00a0productivity report.<\/p>

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EURUSD intra-day analysis<\/strong><\/h2>\n

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EURUSD (1.1722):<\/strong>\u00a0The EURUSD currency pair was trading subdued on Tuesday with price action confined to the resistance level of 1.1730. As the EURUSD trades within the resistance level of 1.1730 and 1.1610 we expect to see this range breaking in the near term. An upside breakout could potentially signal a correction to the sharp declines seen over the past few weeks. There is a possibility that the EURUSD could retest the main resistance level at 1.2232. To the downside, declines are likely to stall at 1.1610 \u2013 1.1577 level of support.<\/p>\n

USDJPY intra-day analysis<\/strong><\/h2>\n

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USDJPY (109.88):<\/strong>\u00a0The USDJPY currency pair was seen falling back to the support level of 109.57 \u2013 109.43 region. The retest of this support level could potentially see further gains in store. To the upside, the test of resistance at 110.62 is very likely. Alternately, a breakdown below 109.57 \u2013 109.43 level could signal a deeper decline with the next lower support at 108.90 being the likely target.<\/p>\n

XAUUSD intra-day analysis<\/strong><\/h2>\n

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XAUUSD (1297.40):<\/strong>\u00a0Gold prices eased on the day as price action was seen drifting lower. However, the higher low that was formed is likely to signal a possible breakout above 1304 \u2013 1301 level of resistance. Currently, gold prices are seen testing the dynamic resistance off the falling price channel. The downside is expected to be limited but another retest of support at 1282 cannot be ruled out. Overall, gold prices are looking to form a bottom around the 1282 level ahead of an upside breakout that is in store.<\/p>\n

\"Go2_TradeIdeas\"<\/a><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The U.S. dollar was seen trading mixed on Tuesday. The declines came despite a strong non-manufacturing PMI report from ISM. The ECB President, Mario Draghi was scheduled to speak on Tuesday but the meeting was called off. Meanwhile, the new Italian Prime Minister Giuseppe Conte gave his speech where he\u00a0touched upon the manifesto […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-127898","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=127898"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127898\/revisions"}],"predecessor-version":[{"id":127899,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127898\/revisions\/127899"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=127898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=127898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=127898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}