Updated: 06:57
Currency Pair: AUD/USD
Sentiment: Short term bullish
Market focus:
In today's trade set up we will be focussing on short term buying opportunities on the AUD/USD.
Fundamentals:
Today's trade is purely focussed on a very short term play based on renewed Chinese easing calls. This was after the Chinese 1y/1y swap rate hit a low of 3.04%, near the PBoC's deposit rate mark of 3%.
Technicals:
We have a nice confluence zone at 0.8705-0.8700. This should offer short term support for any pullback.
Stop loss could be placed at 0.8670
First take profit target: 0.8730
Second take profit target: 0.8770
Trade management: After target 1 hit stop loss could be moved to breakeven
Currency Pair: AUD/USD
Sentiment: Short term bullish
Market focus:
In today's trade set up we will be focussing on short term buying opportunities on the AUD/USD.
Fundamentals:
Today's trade is purely focussed on a very short term play based on renewed Chinese easing calls. This was after the Chinese 1y/1y swap rate hit a low of 3.04%, near the PBoC's deposit rate mark of 3%.
Technicals:
We have a nice confluence zone at 0.8705-0.8700. This should offer short term support for any pullback.
Stop loss could be placed at 0.8670
First take profit target: 0.8730
Second take profit target: 0.8770
Trade management: After target 1 hit stop loss could be moved to breakeven
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
Recommended Content
Editors’ Picks
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 inflation forecast, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.