What happened? Japanese shares fell on Monday…
AUD/JPY rising inside minor corrective wave (ii)
2019-11-11 • Updated
- AUD/JPY rising inside minor corrective wave (ii)
- Next buy target -79.00
AUD/JPY continues to rise inside the minor corrective wave (ii) which started earlier from the support zone lying between the key support level 82.00 (which reversed the earlier corrections 2 in May) and the lower daily Bollinger Band. The upward reversal form this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing. AUD/JPY is expected to rise toward the next buy target at next resistance level 79.00.
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?
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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?