Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/AUD reversed from resistance zone
2019-11-11 • Updated
- GBP/AUD reversed from resistance zone
- Next sell target - 1.6800
GBP/AUD continues to fall inside the intermediate impulse wave (3), which started earlier from the combined resistance area lying at the intersection of the key resistance level 1.7130 (top of the previous minor correction 2 from July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from the start of May. GBP/AUD is expected to fall to the next sell target at the next support level 1.6800.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.
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?
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.