We have outlooked several promising Forex pairs and the result can surprise you!
AUD/NZD is down after RBA
Information is not investment advice
AUD/NZD has once again turned down from 1.0800 (the 61.8% Fibo of the 2018 decline) as the AUD got hit by the RBA’s decision to cut its interest rate. The near-term support is at 1.0750/45. The fall below this level will bring the pair to 1.0710. This is just above the 100- and 200-week MAs, so it’s too risky to bet on a bigger decline.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.