Compass Global Markets' Blog

Market Update - 13th July 2016 - Markets Grind Higher But Fail At Key Levels Of Resistance

Posted by Patrick Downes on July 13, 2016 at 9:31 AM

Equity markets and commodities led by iron ore grinded higher overnight and yesterday as positive market sentiment boosted risk assets once again, however key resistance levels are proving tough to break for some other asset classes - at least from a charting perspective. More specifically AUD/USD failed around 0.7650 which was achieved just before Brexit results, while the ASX 200 (probably the key local stock market indice) appears to again run out of steam at 5,400 - we've had a go at 5,400 on about 6 occasions since early May. Looking at AUD/GBP we're starting to see a bit of GBP fight with the currency pair falling about 2% since briefly touching 0.5850.

Ahead today? Not a great deal, with only Chinese Trade Balance figures due around lunchtime and Canadian interest rates around midnight.

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One thing I don't often ask my clients for but perhaps I should more, is that we are always looking for new business, as such if you have friends or family, business partners and professional acquaintances who could benefit from better exchange rates please don't hesitate to provide my details to them. We're happy to help businesses of all sizes with frequent or infrequent volume and as always with no fees. I can be contacted on 0431 278 632 or via email patrick@compassmarkets.com

DATA RELEASES TODAY:

CNY - Trade Balance Figures

CAD - Interest Rate Announcement at midnight

AUD EXCHANGE RATES:

AUD/USD – 0.7613

AUD/GBP – 0.5745

AUD/EUR – 0.6883

AUD/NZD – 1.0443

AUD/JPY – 79.768

***Above rates are indiciative wholesale rates and intended as a quide only***

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Patrick Downes

Senior Corporate FX Dealer

 Compass Markets

Contact Patrick for a quote on 0431 278 632

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