Analytics

News, Trends, & Analytics 05.02.2020

RBA kept the rate

Today, the focus is on Tesla’s stunning stock growth, lower Hong Kong retail sales, and Australia forecasts.

 

News

Republicans of Iowa have supported Trump’s nomination for the presidency in the upcoming election. Affects USD


The Reserve Bank of Australia has kept its interest rate, as well as its forecast for GDP growth for 2020, despite forest fires. Affects AUD


Hong Kong’s retail sales have been declining for 11 consecutive months. Affects Hang Seng


The UK construction sector has seen an increase in business activity. Affects GBP


Tesla shares soared to a historic high after the Panasonic report, which described the prospects for the development of battery production. Affects Tesla

 

Calendar

09:30 GMT

The Service PMI – index of business activity in the UK services sector will be published. A result above 46.6 will positively affect the dynamics of the GBP.


12:15 GMT

ECB President Christine Lagarde will deliver a speech. An event may cause an increase in EUR volatility.


15:30 GMT

There will be data on changes in crude oil reserves in the United States. An increase of 3 million barrels is expected. If the actual data is higher, Brent will come under pressure.

 

Technical Analysis

AUD/USD

After the publication of the RBA decision on the interest rate, traders begin to actively buy AUD. But the actions of investors are explained by the subsequent comments of the head of the RBA, Philip Lowe. The head of the department kept the forecast for GDP growth at 2.75-3.75%. Previously, experts expressed an opinion on a likely revision of expectations in a smaller direction due to severe forest fires that occurred in the country.

The currency pair is in a place suitable for purchase – at a half-year minimum. For this reason, there is a high probability of an uptrend.

Gold

Pay attention to gold, as the Fibonacci fan is showing a bullish signal.

FTSE 100

The FTSE 100, like a number of other stock indexes, got out of the influence of a downward resistance level.

 

AUD/USD on this day in history

  • Since 2000, Feb. 5th has been a trading day 14times.
  • On 33% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.4%.
  • The downward trend was limited to 1.8%.
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