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 rising inside impulse waves 3 and (3)
2019-11-11 • Updated
- GBP/AUD rising inside impulse waves 3 and (3)
- Next buy target - 1.7210
GBP/AUD continues to rise inside the minor impulse wave 3, which is a part of the intermediate impulse wave (3) from the end of March. The price earlier broke through the resistance zone lying between the key resistance level 1.6750 (top of the previous wave B) and the 61.8% Fibonacci correction level of the previous downward impulse from December.
GBP/AUD is expected to rise further to the next buy target at the strong resistance level 1.7210 (which reversed the previous primary upward impulse wave ① in January).
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.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.