My Pick of the week .........RBA / BOE meetings this week !!!!!!
Okay so a big week for this pair ,
The Aussie is being help up right now due to a surge in Chinese iron ore prices , why because it is a commodity linked currency.
We have seen this pair get pushed down over time, due to all the hard Brexit talks and the AUD rallying over time against its crosses , I feel the rallying is slowing now though, and what will be the trigger is what i've mentioned earlier in my previous posts.
The RBA will not tolerate a higher AUD, and I'm sure they will re-iterate there stance more intently about their worry for Wage growth in the Labour MKT, along with their overheated Housing market, the MKT's will suddenly get reminded of this and think , oh yes they got a point and down we go .
Im certainly not a massive GBP bull, however I live buy the rule that there is always a point where the buyers/ sellers step in, based on price action and technicality. Well guess what we are getting to that point, its dumped 1300 pips since May and found support...... surprise surprise on the trend line support .
Their is plenty of data this week on this pair, initial thoughts are this RBA will express concern for the Higher $ and talk it down.
BOE will stay much the same on their policy .
Its around the 0.23 fib retracement line for some more support
So Entry around confluence zone 1.6390-1.6420
Stop loss @ 1.6350
TP1 @ 1.6650
Were also in AUD/USD from 80.50 short
Happy trading guys and stay tuned
The Aussie is being help up right now due to a surge in Chinese iron ore prices , why because it is a commodity linked currency.
We have seen this pair get pushed down over time, due to all the hard Brexit talks and the AUD rallying over time against its crosses , I feel the rallying is slowing now though, and what will be the trigger is what i've mentioned earlier in my previous posts.
The RBA will not tolerate a higher AUD, and I'm sure they will re-iterate there stance more intently about their worry for Wage growth in the Labour MKT, along with their overheated Housing market, the MKT's will suddenly get reminded of this and think , oh yes they got a point and down we go .
Im certainly not a massive GBP bull, however I live buy the rule that there is always a point where the buyers/ sellers step in, based on price action and technicality. Well guess what we are getting to that point, its dumped 1300 pips since May and found support...... surprise surprise on the trend line support .
Their is plenty of data this week on this pair, initial thoughts are this RBA will express concern for the Higher $ and talk it down.
BOE will stay much the same on their policy .
Its around the 0.23 fib retracement line for some more support
So Entry around confluence zone 1.6390-1.6420
Stop loss @ 1.6350
TP1 @ 1.6650
Were also in AUD/USD from 80.50 short
Happy trading guys and stay tuned
Note
Okay so a bit of a non event if im honest , The RBA kept rates on hold and didn't jawbone as much I thought they would, but with GBP data out as well as the BOE meeting Thursday , were still long mid term on this pair .Happy trading
Trade active
Going along nicely here ....Trade closed: target reached
Okay we were filled overnight in the Asia session @ 1.6650 ( 200 pips ) this has been a nice trade, Dont want to be to greedy as BOE are up today and may scale back there expectations for future targetsMore profitable trades coming ...
PS : were still in USD/AUD from 80.50 :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.