ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendation: BUY 0.7275 SL 0.7220 TP1 0.7375 TP2 0.7435 TP3 0.757
On a daily chart of AUD/USD, there is a consolidation due to the transformation of the “Shark” pattern into 5-0. Sellers need to pull the pair below the support at 0.7195 to continue correction to the CD wave. On the other hand, buyers plan to bring the pair within borders of the upward channel and break the resistance at 0.7270.
On H1, if the pair manages to break the resistances at 0.7275 and 0.73, the “Shark” pattern will be activated. This situation will let bulls keep moving towards its 161.8% target.
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'.
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.
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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