The Australian dollar began a new trading week in very high spirits after the results of the local parliamentary elections became known. The instability of the GBP and EUR, in the run-up to the elections to the European Parliament, may provide indirect support for the Australian currency, both today and during this week.
As it became known, the current Australian Prime Minister Scott Morrison and his conservative coalition won the last parliamentary elections yesterday, which was an unexpected result for experts who predicted the victory of the opposition Labor Party.
At the time of this writing, the Australian dollar rose by 0.68% to 0.6915, which was a confirmation of market sentiment from the results of the Sunday elections. The New Zealand dollar also rose - by 0.26% to the level of 0.6536. In stock markets, the ASX200 index rose by 1.60%.
Despite the fact that hopes for a resolution of the US-Chinese trade war remain after news of a conversation between the Chinese Foreign Minister and Secretary of State Pompeo, pressure on the stocks of China and Hong Kong remains.
News about technology companies in the United States, stopping the supply of software and components for Huawei, negatively affected the stocks of Chinese technology companies.
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The European market has today a relatively calm calendar without significant releases. Against the background of the upcoming EU parliamentary elections, Brexit will remain in the spotlight. After Teresa May’s intention to leave her post in June was announced, the struggle for her chair started on the British Peninsula.
According to the latest polls, the leadership belongs to Nigel Farage, an ardent supporter of Brexit, which is perceived by many as a negative factor for the British pound.
Forex trading recommendations:
GBPUSD: Buy. Entry point – 1, 2732. Take Profit – 1, 2748. Stop Loss – 1, 2705.
AUDUSD: Sell. Entry point – 0, 6918. Take Profit – 0, 6899. Stop Loss – 0, 6950.
EURUSD: Buy. Entry point – 1, 1159. Take Profit – 1, 1169. Stop Loss – 1, 1142.
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