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AUD/USD: trading on the RBA meeting
Information is not investment advice
The Reserve Bank of Australia is expected to cut its Cash Rate from 1.25% to 1% on Tuesday, July 2. Analysts think that this rate cut won’t be the last. As a result, the risks for the AUD are negative.
AUD/USD ran into the 100-day MA at 0.7033. The downtrend resistance line connecting the highs of 2018 and 2018 is also not far from this level strengthening the resistance. The pair formed a bearish engulfing pattern on H4 and will likely drift further down to the 0.6950/40 area and probably lower, to 0.6900.
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?