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EUR/USD and AUD/USD: Consumer confidence in Germany is falling while it is improving in Australia

The lack of important fundamental statistics forces many euro buyers to wait for more acceptable support levels to be updated.

Report on consumer sentiment in Germany did not cause major changes in the market but will likely worsen in June of this year. The decline in sentiment is directly related to the weakening of economic expectations. According to the GfK research group, the leading consumer confidence index GfK fell to 10.1 points in June 2019 from 10.2 points in May. Data for May were revised downwards. Initially, it was reported that the index was 10.4 points. Economists had forecast that the indicator would be equal to 10.4 points in June. Initially, it was reported that the index was 10.4 points. Economists had forecast that the indicator would be equal to 10.4 points in June.

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According to Gfk, it is noted that the main fall of the index is directly dependent on the slowdown in the global economy, as well as incomprehensible scenarios Brexit. Key risk factors also include an escalating trade conflict with the United States.

The index of economic expectations in May amounted to 1.7 points versus 3.0 points in April. Consumer expectations regarding revenues rose to 57.7 points from 56.8 points in April.

Consumer confidence in France rose slightly. According to the report, the index increased to 99 points against 96 points in April of this year. Economists had forecast that consumer confidence in France would be at 97 points in May.

As for the technical picture of the EUR/USD pair, further upward movement will directly depend on the resistance level of 1.1195. Only a break above this range will return the demand for risky assets and will lead to an update of yesterday's high near 1.1215 and then to the exit to the next large area of 1.1250. If the pressure on the euro continues and it can happen after the reports on the eurozone, the output of which is expected in the first half of the day. It is best to rely on long positions after updating a large support level in the area of 1.1150.

The Australian dollar rose slightly after the report that Australian consumer confidence continued to improve last week and show growth against the background of talks about the coming reduction in interest rates of the Reserve Bank of Australia. According to the report, the indicator for assessing current financial conditions rose by 1.2%, while the index reflecting the assessment of current economic conditions added 3.0%. Australia's inflation expectations dropped in April.

However, the statements of the American President Donald Trump returned to the market with a bearish sentiment. During the interview, Trump said that he had made significant progress in trade negotiations with Japan. Thus, duties on Chinese imports can be easily increased.

As for the technical picture of the AUD/USD pair, the current alignment of forces remains on the buyers' side. However, this requires a breakthrough above the resistance of 0.6940, which will open a direct road to the area of the new and larger high 0.6980. While maintaining pressure on the Australian dollar, support will be the area of 0.6890.

The material has been provided by InstaForex Company - www.instaforex.com