2019-11-11 • Updated
Aussie climbed above 0.7680 in the past week as iron ore, copper prices rallied and Chinese manufacturing data beat forecasts.
There is a Reserve Bank of Australia policy meeting next Tuesday. Most strategists believe that the board will adopt a more hawkish stance and leave unchanged its monetary policy settings. The RBA has been neutral all this time but with the shift in tone from other central banks and more signs of improvement for the Australian economy, it will likely release a hawkish statement. Datawise, pay attention to the Australian retail sales report coming ahead of the RBA’s meeting and Thursday’s trade balance data. The US al agencies are set to release unemployment, claims, jobless rate, average hourly earnings and non-farm payrolls next week. A special focus will be on the FOMC meeting minutes which should provide us with the detailed record of the board’s last meeting and offer in-depth insight into the policymakers’ views on the health of the US economy.
AUD/USD surged above 0.7710 over the last 5 days, then retreated a few pips and stalled at 0.7685/80. The possibilities of some profits taking at this point could be one of the factors dragging the pair back below 0.7575, 0.7555 and 0.7495 levels. If quotes manage to retest the 0.7700/0.7710 levels, there will be a continuation of the rally towards 0.7750 (year-to-date 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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