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Market updates on September 17

Market updates on September 17

Information is not investment advice

Market updates

Key events ahead:

Press conference by Saudi oil minister – 20:15 MT (17:15 GMT) time

  • The Australian dollar fell on the dovish RBA meeting minutes. According to it, the regulator would consider further easing if needed to support growth. AUD/USD has moved below the 50-period SMA and tested the support at 0.6833. If this level is broken, a further fall will be limited by the 0.6810 level. If the aussie strengthens on the improved risk sentiment, the pair will rise back towards the resistance above the 50-period SMA at 0.6857. After the breakout of this level, the next resistance will lie at 0.6867. RSI is moving within the oversold zone, close to the oversold border.

AUDUSDH4.png

  • After the spike in the prices of crude oil due to the attack on the Saudi Arabian oil facilities during the weekend, the USD/CAD pair opened with a gap down on Monday. The pair managed to rise back to the 100- and 200- period SMA yesterday and formed a triangle. If the Canadian dollar is supported again by the rising oil prices, the pair will slide below the lower border of the triangle and 1.3235 level. In this case, the next support will lie at 1.3217. From the upside, the rise of the pair is limited by the upper border of the triangle and 200-period SMA. The resistance level in focus lies at 1.3262.

USDCADH4.png

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