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.
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.
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.
XAU/USD is eyeing $1 850. Will it be able to reach it?
Asia-Pacific stocks lacked firm direction as momentum faded from the record-setting performance on Wall St, where the S&P 500 and Nasdaq printed fresh all-time highs
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.