HomeForex MarketEvery day Foreign exchange Information and Watchlist: GBP/AUD

Every day Foreign exchange Information and Watchlist: GBP/AUD

Steering away from the FOMC insanity later right now?

Right here’s a easy pattern setup that doesn’t contain the U.S. greenback.

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out AUD/USD’s pattern pullback forward of the Australian CPI launch. You should definitely try if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Knowledge:

U.S. CB client confidence index fell from 98.4 to 95.7 vs. 97.3 forecast

U.S. new residence gross sales slowed from 640K to 590K vs. 663K consensus

U.Okay. BRC worth store index jumped from 3.1% to 4.4% in July

Australian quarterly headline CPI slowed from 2.1% to 1.8% vs. 1.9% anticipated

Australia’s trimmed imply CPI held regular at 1.5% as anticipated

German GfK client local weather index slipped from -27.7 to -30.6

U.S. headline and core sturdy items orders at 12:30 pm GMT
U.S. pending residence gross sales at 2:00 pm GMT
FOMC financial coverage assertion at 6:00 pm GMT
FOMC press convention at 6:30 pm GMT

Use our new Forex Warmth Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

GBP/AUD 1-hour Foreign exchange Chart

Don’t look now, however this pair is already testing the very prime of its channel!

This occurs to be proper smack according to a confluence of inflection factors that would preserve beneficial properties in test.

For one, it’s proper across the 50% Fib and the 1.4700 main psychological resistance. This additionally traces up with the 200 SMA dynamic inflection level and former assist zone.

Are sellers prone to hop in quickly?

Technical indicators are suggesting so, because the 100 SMA is under the 200 SMA and Stochastic is beginning to flip decrease from the overbought space. These affirm that bearish vibes are current and will preserve the downtrend going.

In that case, GBP/AUD may make its manner right down to the swing low at 1.7200 or the channel backside nearer to the 1.7100 degree.

Earlier right now, Australia printed barely weaker than anticipated inflation figures which may dampen RBA charge hike hopes. Nonetheless, it’s additionally price noting that the Land Down Underneath is on significantly better footing in comparison with the U.Okay. economic system because the latter could be on the point of a recession.

With that, there may very well be room for some draw back for this pair, particularly if risk-taking picks up afterward.

Good luck and good buying and selling!

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