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Market sentiment before the start of the trading week: AUD/USD, USD/CAD and BRENT

July 05, 2021

AUD/USD: The Australian dollar rose against the US dollar on Friday, but it continues to be at the minimum values of this year. The Aussie is under pressure due to the coronavirus situation in the country, where local governments introduced lockdowns. The immunization campaign in the country is going slow. Only 4% of the population has been fully vaccinated. Australia’s Retail Sales for May rose past 0.1% preliminary forecast to 0.4%, but it didn’t affect the pair. Other than Australia’s covid concerns, indecision over the US Federal Reserve’s next moves also weigh on the market sentiment. It’s worth mentioning that Tuesday’s RBA meeting will be significant for the quotes, even though the Australian central bank isn’t expected to change its current monetary policy. The local support level can be seen at 0.7495. A breakout below could take the pair towards 0.7420.

SELL 0.7490/TP 0.7420/SL 0.7513


USD/CAD: The Canadian dollar rose against the US dollar on Friday. Friday’s US jobs report for June weakened the US dollar against other major currencies. Data showed US job growth accelerated in June as nonfarm payrolls increased by 850 thousand jobs after rising by 583 thousand in May, although the unemployment rate rose to 5.9% from 5.8% the previous month. Crude oil prices provided additional support for the Canadian dollar. The local resistance level can be seen at 1.2365. A breakout to the upside could take the pair towards 1.2440.

BUY 1.2368/TP 1.2440/SL 1.2344


BRENT: Oil prices fell on Monday morning as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share. The Organization of the Petroleum Exporting Countries and its allies voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates prevented an agreement. A failure to agree to raise production may put pressure on the market. The local support level can be seen at $75.45. A breakout below could take the pair towards $73.80.

SELL $75.40/TP $73.80/SL $75.93