2019-11-11 • Updated
Aussie jumped to 0.7595 in the past week due to strong data out of Australia and Asia. The main focus was on the Thursday’s labor data from Australia that beat market expectation. China’s trade balance data showed a significant surplus exceeding the consensus forecast. Trump’s political decisions and public engagements weighed in on the US dollar and helped Aussie to receive substantial gains.
Next week the main focus will on the Reserve Bank of Australia’s monetary policy meeting minutes coming on Tuesday, and on the package of the US housing and manufacturing data. The meeting minutes will likely be a headwind for Aussie, as RBA policymakers removed any risk of higher interest rate over this year at their last meeting. On Thursday, pay closer attention to what US Treasury Secretary Steven Mnuchin will say about upcoming fiscal policies and border-adjustment tax. On Friday, traders will be focused on the FOMC member Kashkari’s speech striving to receive some reassurance in the Fed’s hikes and stronger USD.
Technically, the recent sharp rebound has scope to extend higher towards 0.7620 (near 50-day MA). A failure to test this level can lead to the rollback towards the nearest supports at 0.7550 and 0.7520 levels.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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