Eliman Dambell
Tradeview Markets
EUR/AUD
The Australian Dollar was one of the biggest movers on the FX dashboard, as Westpac stated that a rate cut by the Reserve Bank of Australia could be a few weeks away.
Speculation surrounding a potential rate cut on October 6th, increased volatility levels in AUD trading, with the likes of GBPAUD, AUDJPY and AUDCAD all experiencing big moves. However it was EURAUD which was yesterday’s most notable shifter. This comes as the ECB General Council Meeting commenced yesterday, where the bank continues to discuss some of the Euro area’s most concerning economic battles. COVID-19 cases within the continent are also on the rise once again, with Madrid and Lyon some of the major cities set to impose regional lockdowns.
EURAUD was up close to 84 pips as of writing, rising to its highest level since June 11th. This move was spurred after a breakout from the recent resistance of 1.6362. The pair had previously been consolidating within the support of 1.6183 and the resistance level stated above for the past three and a half weeks. Now that the 10 and 25 EMAs have taken off, do you expect further highs before the week ends today?
4H Chart via Tradeview Markets
USD/CHF
As the Swiss National Bank interest rate decision and monetary policy meeting took place yesterday, traders were looking at CHF for potential intraday trading opportunities.
In particular, USDCHF captured the imagination of speculators as Thursday also saw the release of US Initial Jobless Claims, a release which is now one of the most watched economic indicators for traders. As expected, the SNB kept rates unchanged at -0.75%, however it was the unexpected increase of jobless claims which provided the majority of volatility in this pair.
As of writing, USDCHF was up close to 40 pips, after breaking out of its long term resistance of 0.9184 on Tuesday. The pair has since climbed to its highest level since July 23rd as a result of this weeks’ bullish sentiment. Now trading at 0.9269, many wait to see if the 10 and 25 EMAs will begin to change their current upwards course. If that does happen, what rate do you believe we should expect this pair to trade at?
4H Chart via Tradeview Markets
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
AUD/USD stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The 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.