ONLINE FOREX BROKER
2019-11-11 • Updated
Recommendations:
SELL 0.7255 SL 0.731 TP1 0.7155 TP2 0.7130 TP3 0.7100
BUY 0.7410 SL 0.7355 TP1 0.7470 TP2 0.7510 TP3 0.7600
On the daily chart, AUD/USD pulled back after reaching 113% target of the “Double top”. Bulls are trying to return the pair to the 0.732-0.7470 consolidation range. A break to its middle will trigger a “Shakeout-Fakout” pattern.
On H1, AUD/USD keeps forming a “Broadening wedge”. Return of the pair to support at 0.7255 will increase the risks of downtrend’s resumption. On the other hand, a successful test of resistance at 0.7410 will open the way up for the pair.
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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