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.
AUD/NZD could make another leg lower
2019-11-11 • Updated
AUD/NZD is consolidating around the 200 SMA at H1 chart, which is acting as dynamic support. However, October 27th lows are expected to give up to the bears’ force in an effort to reach the Fibonacci demand zone between the 50% and 65% level, at 1.1089 and 1.1030 respectively. We’re expecting that it could act as a pivotal area in order to reach the next bullish target lying at -23.6% Fibo level in 1.1376.
RSI indicator remains in the neutral territory.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.