Buy on rebound from 0.7045 level with 0.7140 target. Stop loss = 0.6995.
Reason for the trading strategy
Today, the Reserve Bank of Australia kept its key interest rate unchanged at 2%, as expected. The January data on Australia's labor market and inflation for Q4 2015 did not propose the monetary policy easing at today's meeting. Meanwhile, the risks of the inflation decrease in Q1 2016 remain high due to the fall in energy prices. A decline in the key interest rate in Australia in the current year should not be eliminated.
January 23, 2017 Japanese Yen is taking the heat
Looking at the daily chart of the Japanese Yen, we can see that the bullish engulfing has formed next to the 50% Fibonacci level, which has been broken on the weekly chart at the points of 125.853 and 98.935...
January 23, 2017 Main Macro Events This Week
President Trump has his feet under the desk in the Oval office and the tone of his inaugural speech and actions over the weekend reiterated his campaign themes to Make America Great Again...
January 23, 2017 UK stocks start the week on the back foot
The FTSE100 is under some selling pressure this morning and trading lower by around 40 points. The leading UK stock index posted its first weekly loss in over a month on Friday and has continued lower out the gate today. The pound is broadly higher on the day and has moved back above the 1.24 handle against the US dollar...
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