We have outlooked several promising Forex pairs and the result can surprise you!
AUD/USD rose after the RBA meeting
Information is not investment advice
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.
Trade idea for AUD/USD
BUY 0.6580; TP 0.6620; SL 0.6560
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?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.