2019-11-11 • Updated
Aussie slumped to 0.7490 following the sharp fall in iron ore prices and dovish RBA meeting minutes. Towards the end of the week, AUD/USD recouped some of its losses mainly due to recovering industrial metal prices. The meeting minutes showed that the Reserve Bank of Australia's officials are concerned with the lack of improvement in labor market conditions and growth in housing credit to investors. RBA decided not to change its current loose monetary policy settings in the upcoming months.
Next week on Tuesday, Australian banks will be on a holiday. So, traders will be focused on US CB consumer confidence report and new home sales data. On Wednesday, Aussie watchers will be waiting for Australia’s quarterly CPI. In the end of the week, the US core durable goods orders, unemployment claims, final GDP, Chicago PMI and bunch of other economic releases will be the key drivers of the pair.
At the present moment, AUD/USD is hovering near 0.7520 (100-day MA). There is a downside risk for a break under the last-week low at 0.7470. If it is tested successfully, we see quotes sliding towards 0.7430. A move above 0.7565/70 would indicate that the downside pressure has eased and that Aussie might extend its rally towards 0.7550 (200-day MA), of higher towards 0.7610 (the past week high).
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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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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