
What happened? Japanese shares fell on Monday…
2019-11-11 • Updated
AUD/JPY today reversed up from the support zone lying between the powerful support level 81.20 (low of the previous minor correction (a)) and the lower daily Bollinger Band. The upward reversal from this support area is expected to create the daily Japanese candlestick reversal pattern Bullish Engulfing – if the pair closes this session near the current levels. AUD/JPY is expected to rise further toward the next buy target at next reistance level 83.00.
What happened? Japanese shares fell on Monday…
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
Weaker dollar - cheaper dollar. What else may be a conclusion to be drawn from the USD's weakening?
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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