Craig Erlam, Chief Market Analyst Oanda, was welcomed to the Tip TV Finance Show by Zak Mir, technical analyst for ShareProphets.com, and Mike Ingram, Strategist for BGC Partners, to discuss the AUD/USD, EUR/USD and WTI.
Don’t get too excited over AUD/USD break
Erlam noted that with the RBA looking to cut rates in 2016, meanwhile, the Fed are approaching an interest rate hike in December, he urged not to get to excited that the pair broke resistance channel. He concluded that the AUD/USD has broken Friday’s highs, but has no momentum behind the move so it is likely to be short-lived.
EUR/USD to stabilise
Erlam continued to EUR/USD, where he outlined that with momentum falling and increased bullish policy divergence, he highlighted that it is likely to stabilise around 1.06 ahead of the ECB meeting.
4th December key for WTI
Erlam finished on the price of WTI, which he believed to be consolidating around the $42 level. He concluded that the key event is the OPEC meeting on the 4th of December, with Saudi Arabia now prepared to negotiate.
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