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Although the Reserve Bank of Australia hasn’t shocked the market with a hawkish speech, the Australian dollar has managed to rise. Moreover, the statement was mixed. The outlook for the labor market remains positive, but inflation in 2018 is expected to be lower than it was forecast before. According to the statement, the market shouldn’t anticipate a rate hike this year. The bank anticipates a further progress in the inflation rate and a decline in the unemployment rate, but it will be gradual.
AUD/USD broke above the pivot point at 0.7395 and the trendline at 0.7415. If the USD remains weak for today, the pair will be able to stick at these highs. Otherwise, it will return to the pivot point.
However, JP Morgan bets on the long JPY because of 2 reasons. The first one is trade tensions. The second one is changes in the BOJ monetary policy.
According to Goldman Sachs, the pair will go to 6.90-7.10 in 3 to 6 months. In 12 months, the yuan will have chances to recover to 6.6. Moreover, the bank bets on a trade deal between China and the US, but tensions will escalate before that.
As a result, Brent has broken above the pivot point at $73.50 and has been moving further up. 100-day MA will be a strong resistance for the price, as it couldn’t break above it yesterday. If the price breaks above the 100-day MA, the next resistance is at $75.15. Otherwise, the return to the pivot point is anticipated.
WTI has been rising as well. The price rebounded from the pivot point and 50-day MA at $68.65. The next resistance is at $70.35. If the market sentiment changes, the WTI will come back to $68.65.
That’s all for today! Follow market news with FBS!
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