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As the market had expected, the Reserve Bank of Australia cut its interest rate from 0.75% to 0.5%. The Australian dollar rallied versus its US counterpart on the news as the decision had been priced in. In addition, the RBA didn’t signal further rate cuts.
On the D1, AUD/USD formed an inside bar on Monday. As long as the pair is staying above the support at 0.6505, it has a chance to rise above 0.6575 (23.6% Fibonacci retracement of the 2020 decline). The targets are at 0.6620 (downtrend resistance line) and 0.6660 (major support of 2019 and now resistance, 38.2% Fibo).
The decline below 0.6500 will reopen the way down to 0.6450.
BUY 0.6580; TP 0.6620; SL 0.6560
Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
Jump in to get the technical analysis of GBP/JPY and GBP/USD!
How to trade the gold price while it's oscillating between 1 837 and 1 864? Read the article, and you'll know how!
US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
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