Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
AUD/USD: bears acted right off the bat
2019-11-11 • Updated
TP1 0.8075 TP2 0.8125 TP3 0.8215
On the daily chart AUD/USD, an exit of the pair out of an upward trading channel and a break of support at 88.6% and 78.6% from the last wave showed a return of initiative to bears. They met an important area of 0.7885-0.7895 convergence, a continuation of a southern campaign is impossible without breaking below it.
On the hour chart, as the pair reached an intermediate target at 127.2% of the pattern “Crab”, the odds of a pullback increased. An update of the February low will allow counting on a realization of 161.8% target.
If you've followed my analyses closely for a while now you'll already understand why I always look to the price action on the DXY (US Dollar) chart for clarity on how to approach trading the major pairs. Looking at the chart above, we see clearly the descending wedge leading price off right into the PIVOT demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
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.