Market Brief
See real-time quotes provided by our partner.
Reserve Bank of Australia board minutes show the Australian economy has been resilient in the face of global and domestic supply shocks, including the Ukraine conflict, the Omicron outbreak, and floods on the country’s east coast.
The RBA noted the monetary policy settings continued to support the post-COVID recovery and that commodity price increases have significantly boosted national income. The members noted a recent increase in iron ore and metallurgical coal prices. The reason for this was mainly the easing of restrictions on steel production by the Chinese government. The Chinese authorities are also expected to ease fiscal settings over the course of the year to support GDP growth in 2022. The Australian economy also showed signs of strength in the labour market, with unemployment falling to a five-decade low of 4% in February.
In addition to raising the interest rate on new home loans and business loans, the RBA will stick to maintaining the cash rate target at 10 basis points.
The AUDUSD has bounced off the rising trend line and is about to push through yesterday’s highs, indicating there could be further upside and that the 50-period moving average is acting as dynamic support.
See real-time quotes provided by our partner.
Also in the Asia-Pac session, Japanese industrial production was revised much higher. This is seemingly very bearish the yen as the USDJPY continues to push at an exponential rate towards 130.00 having only dipped slightly back towards 120.00 to test for support during March. The monetary policy divergence between the BoJ and the Fed is the greatest driver of this meteoric rise as US bond yields push towards 3% and the BoJ are willing to keep intervening in their bond market so as not to allow the JGBs to go above 0.25%.
The YouTrading forex heatmap shows that the yen is current the weakest currency and that the Australian dollar is relatively the strongest. The bottom left corner is mainly green, which indicates that the commodity pairs are doing well this London session and that the flows out of the safe havens will encourage a more risk-on day today.
See real-time quotes provided by our partner.
Gold found the $2000/oz level to be a solid ceiling and then proceeded to fall back into the previous balance area, where we are now looking for buyers to step in and take the price back up to the swing highs. If the buyers fail to turn up the next stop will be the dynamic support from the moving averages.
The ActivTrader sentiment indicator shows that the traders in gold are fairly matched but the bias in the silver trade is still towards longs, which could indicate a squeeze is more likely to the downside.
See real-time quotes provided by our partner.
Brent has not managed to get back above yesterday’s highs, so this could signal a change in momentum and possible retrace back to value. $113.67 is the swing highs, daily low and this is the level I am using as a guide to whether resistance is holding or not. The target to the downside would be the highs from the 11th of April 2022.
A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!
© 2020 YouTrading UK - Leaders in Trader Training.
Cookie | Duration | Description |
---|---|---|
__cfduid | 1 month | The cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information. |
_wpfuuid | 11 years | This cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon. |
cf_use_ob | This cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires. | |
cookielawinfo-checbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-advertisement | 1 year | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
Cookie | Duration | Description |
---|---|---|
YSC | session | This cookies is set by Youtube and is used to track the views of embedded videos. |
Cookie | Duration | Description |
---|---|---|
_ga | 2 years | This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors. |
_gid | 1 day | This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form. |
Cookie | Duration | Description |
---|---|---|
_fbp | 3 months | This cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website. |
fr | 3 months | The cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin. |
IDE | 1 year 24 days | Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile. |
test_cookie | 15 minutes | This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies. |
VISITOR_INFO1_LIVE | 5 months 27 days | This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website. |
Cookie | Duration | Description |
---|---|---|
_gat_UA-42160853-2 | 1 minute | No description |
cf_ob_info | No description | |
CONSENT | 16 years 8 months 3 days 6 hours 2 minutes | No description |