Day: October 3, 2023
The Australian dollar is rapidly depreciating against the US dollar on Tuesday. The current AUDUSD exchange rate stands at 0.6324. During today’s meeting, the Reserve Bank of Australia left the interest rate unchanged at 4.1% per annum. In its comments, the RBA emphasised that there may be a need for future monetary policy tightening. This […]
TitleEURUSD H4 | Bouncing off Fibo confluence? TypeBullish Bounce Preference:The price is currently at the pivot point at 1.0456, which aligns with 127.2% Fibo extension and 61.8% Fob projection. A bounce from this level could lead the price to rally toward the 1st resistance at 1.05757, which is an overlap resistance. Alternative scenario:However, if the […]
Aussie Drops Following RBA Hold The Australian Dollar has turned sharply lower on Tuesday following the latest RBA meeting overnight. The bank was seen keeping its headline policy rate on hold at 4.10%, despite some speculation that it might opt for a further increase. The RBA noted that “Recent data are consistent with inflation […]
XAUUSD, “Gold vs US Dollar” Gold has formed an Engulfing reversal pattern near the resistance level. Currently, the quotes are going by the reversal signal in a descending wave. The decline target might be 1830.00. Upon testing the support level, the price could rebound from it and form an ascending wave. However, the quotes might […]
Gold Prices Break Lows Gold prices have come under fresh, heavy selling pressure on Monday as traders continue to digest the latest outlook from the Fed. With rates now pegged to rise further while also staying at higher levels for longer, the USD outlook has shifted higher. With yields rising, gold prices have seen a […]
The dollar has resumed its rally after a pullback to the 105.50 area in the second half of last week amid a bullish retracement in the stock market, largely driven by profit-taking actions. The dollar index crossed the 106.50 mark on Monday. From a technical analysis perspective, the primary setup for DXY right now is […]