07 May 2019

07 May 2019

powered by Land-FX

Australian rate decision: Tuesday, 4:30. The Reserve Bank of Australia has not changed its interest rates since August 2016, but this time may be different. The Canberra-based institution may finally oversee a cut from 1.50% to 1.25% after Q1 inflation came out flat. In addition, the global economy is slowing down and the housing sector is somewhat struggling in the land down under. On the other hand, the labor market is doing well and so is the economy. Not all analysts see a rate cut coming now. The uncertainty implies a substantial AUD/USD reaction to the news

 

 

AUD
Australian rate decision

  • EURUSD

As could be seen on the chart above that the pair is traded within a bearish channel. The pair is traded now above the downside of the channel which means that the pair might go up as long as it is traded above the downside of the channel. Out first target is 1.15.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.1850
▪ 1.18
▪ –
▪ 1.12
▪ 1.1150
We are bullish as long as the pair is traded above the downside of the bearish channel.
  • GBPUSD

As could be seen on the chart above that the pair is about to reach a strong resistance level that is located between 1.32 – 1.33. We need some bearish evidence to show up below this area so we can go short targeting the level of 1.29 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.3310
▪ 1.33
▪ –
▪ 1.27
▪ 1.26
We are bearish as long as the pair is traded below the level of 1.33.
  • GOLD

The chart above shows that the pair is traded above a strong support level that is the uptrend line. We are bullish as long as the pair is traded above it. Out first target is 1310.

 

Resistance levels: Support levels: Recommended:
▪ 1350
▪ 1365
▪ 1245
▪ 1180
▪ 1170
We are bullish as long as the pair is traded above the uptrend line.
  • AUDUSD

The chart above shows that the pair is traded above a strong support level that is the downside of the bearish channel. This opens the door for further upward movement during the week that it may reach the level of 0.71.

 

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ 0.7260
▪ 0.7000
▪ –
▪ –
We are bullish as long as the pair is traded above the level of 0.70.
  • GBPJPY

The chart above shows that the pair is traded above a strong support level that is 143.77 so we are bullish as long as the pair is traded above it. Out first target is 148. On the other hand, if the pair breaks the level of 143.77 then the way is open for the pair to reach 140.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 149
▪ 140
▪ 139
▪ 138
Nothing to be done for now.

 

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