ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendation:
SELL 0.7150 SL 0.7205 TP1 0.7060 TP2 0.7 TP3 0.6950,
BUY 0.7240 SL 0.7185 TP1 0.7340 TP2 0.7380 TP3 0.7435
On the daily chart of AUD/USD, the implementation of the purple "Shark" pattern with the 88.6% target continues. If bulls manage to move the pair out of the downward channel and implement the blue "Shark" pattern, the odds of the rise towards its target near the 0.7380 level will increase.
On H1, bears managed to activate the purple "Shark" pattern due to the 5-0 one. If the pair returns to the resistance at 0.7240 and retests it, the odds of the violet "Shark" pattern's implementation will increase.
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.
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
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.
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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