Forex Marketz Daily Forex News – Fully Markets Update
Good Morning and welcome to CupO’Forex, This is David Frank with your daily video analysis for Tuesday, December 2.
Amid a lot of speculation amid a lot of speculation for a rate cut, the Reserve Bank of Australia (RBA) has left interest rates steady for the moment. They are worried about the strength of their local currency, the Australian Dollar (AUD) as well as housing prices. Coming out later this morning we will get the unemployment change, the number of new unemployed people, in Spain. We are expecting this number to firm up with less new unemployed being added to the roster. Also coming out this morning we will get housing numbers out of England. This afternoon at 1500 GMT, the U.S. will give us construction spending.
Looking at the AUD/USD Forex pair, we see immediate support for the Ozzie as it shot above the 0.85 handle after the RBA rate decision. It is not very likely this recovery has the legs and the AUD should fall back to the 0.85 handle at some point. Gold is also running out of steam as we are seeing a bearish engulfing forming at its current price level. Looks like we will consolidate a bit further between two key technical levels.
Have a great day trading!