We have outlooked several promising Forex pairs and the result can surprise you!
AUD/USD: resistance is still strong
Information is not investment advice
Although the Federal Reserve switched to the dovish stance, the policy of other central banks seems even looser. As a result, the USD gets support versus riskier currencies like the AUD.
Have a look at the weekly chart: AUD/USD is facing resistance in the 0.7130 area, while the candlesticks have long upper wicks. The weekly close below 1.7100 will increase the negative pressure. Conservative traders may sell the pair below 0.7060 targeting support at 0.7020 (October low).
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?