Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
GBP/AUD struggles for upside
Information is not investment advice
GBP/AUD is a very volatile pair and its moves are always quite messy. Still, we are able to spot some patterns. In particular, GBP/AUD broke above 1.8015 leaving the range within which it consolidated since the start of July. There was a series of higher lows before the breakout. In addition, after the breakout, the level 1.8015 was retested and managed to provide support for the pair. With the AUD weakened by the trade war concerns and the weaker-than-expected domestic data and the GBP cheered up by the hopes that a no-deal Brexit may be avoided, the pair has a fair chance to reach 61.8% Fibo and June highs in the 1.8375 area.
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The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
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