The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
EUR/AUD reversed down
2019-11-11 • Updated
SELL 1.5890; TP1 1.5815; TP2 1.5740; SL 1.5910
EUR/AUD is currently testing the support line from the start of 2017. This week the pair went below the 50-week MA at 1.5965. There’s a “shooting star” (bearish pattern) on MN. On D1, we can see a complete “Head and shoulders” pattern. Notice that the pair even retested the pattern’s neckline and then was rejected further down. EUR/AUD would need to return at least above 1.60 for buyers to have a chance to turn the situation their way. The decline below 1.5895 (23.6% of the 2017-2018 advance) will open the way down to 1.5810 and 1.5740.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
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