Australian rate decision: The Reserve Bank maintained the official cash rate at 1.5% in March, keeping the rate unchanged for the sixth meeting in a row. Reserve Bank governor Philip Lowe often spoke about keeping rates on hold to balance the need to boost inflation while maintaining financial stability amid record household debt. Policymakers are following international interest rate movements before making a move.
AUD
Australian Rate Decision
- EURUSD
Update: A very tight movement on the pair, nothing new. As could be seen on the chart that the pair may continue going down to reach the downward side of the ascending channel seen on the chart above then a pullback is expected that it may reach again the level of 1.0800 during the week. On the other hand, breaching the downside of the channel can open the door for further downward movement during the week that it may reach the level of 1.0500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0800 ▪-1.0900 ▪ 1.0950 |
▪ 1.0500 ▪-1.0600 ▪ 1.0500 |
We remain bullish as long as the pair is traded within the ascending channel |
- GBPUSD
The pair managed to form a head and shoulders pattern as could be seen on the chart above. It is traded now right below the neck line of the pattern so it may rebound around this level then it may reach the level of 1.2380 during the week. On the other hand, if the level of 1.2380 is broken then the level of 1.2670 might be seen during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2500 ▪-1.2600 ▪ — |
▪ 1.2400 ▪ 1.2040 ▪ 1.2000 |
We remain bullish as long as the pair is traded above the level of 1.2400 |
- GOLD
Yesterday’s scenario did not work, so today we suggest that the pair may go up to reach the level of 1260 during the day then a pullback is expected that it may reach the level of 1250 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1260 ▪ 1250 ▪ — |
▪ 1220 ▪ 1190 ▪ 1180 |
We remain bullish as long as the pair is traded below the level of 1240 |
- AUDUSD
Update: The pair managed to break through the level of 1.7600. A harmonic pattern could be seen on the chart above and the pair is facing a strong support level around 0.7600. In case the level of 0.7600 is broken, then the pair may continue going down to reach the level of 0.7500 during the week. Otherwise, we are bullish.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪ 0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ 0.7600 |
We remain bearish as long as the pair is traded below the level of 0.7600 |
- GBPJPY
The pair managed to reach the level of 138 and it continued going down that it reached the level of 137. The new scenario is that if the pair shows some positive factors we may go long targeting the level of 138 followed by 140.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 137 ▪ — ▪ — |
We remain bullish as long as the pair is traded below the level of 137 |
