ONLINE FOREX BROKER
2019-11-11 • Updated
On the AUD/USD daily chart, an intermediate 113% target in the "Crab" pattern has been fulfilled. There is a continuation of the downward movement. The targets are located near 0.7415 and 0.731. Bulls can get their own back only in case of a successful test of the resistance at 0.7525.
On the AUD/USD hourly chart, the "Widening Wedge" pattern can be formed. A necessary condition for its formation is a successful test of the 1-3 wave (0.7515). If it is tested successfully, focus on the point 5. The pullbacks from 23.6%, 38.2%, and 50% levels and from the 4-5 wave can be used for opening long positions. The nearest resistance levels can be found near 0.7555 and 0.7585.
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.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
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?
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