Source: PaxForex Premium Analytics Portal, Technical Insight The AUD/USD pair struggles to find acceptance above the 0.6400 mark and retreats from over a two-week high touched earlier this Monday. AUD/USD,D1 Pivot: 0.6329 Analysis: Provided that the currency pair is below 0.6520, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.6329 Take Profit 1: 0.6100 Take Profit 2: 0.6000 Alternative scenario: In case of a broken-out of the level 0.6520, follow the...
Source: PaxForex Premium Analytics Portal, Technical Insight Yesterday UK prime minister Liz Truss resigned after merely 44 days in office, making her the shortest serving prime minister in UK history. EUR/GBP moved back below 0.87 and 10Y gilt yields have dropped close to levels before Truss's contentious tax cut plan was announced. GBP/CHF,D1 Pivot: 1.1261 Analysis: While the price is above 1.0900, follow the recommendations below: me frame: D1 Recommendation: long position Entry point: 1.1261 Take Profit 1: 1....
Source: PaxForex Premium Analytics Portal, Technical Insight New Zealand’s main opposition National Party doesn’t want the government to reappoint Reserve Bank Governor Adrian Orr for another five-year term, preferring a 12-month extension until after the 2023 election. NZD/CAD,D1 Pivot: 0.7799 Analysis: As long as the price is below 0.7905 follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.7799 Take Profit 1: 0.7665 Take Profit 2: 0.7550 Alternative scenario...
Source: PaxForex Premium Analytics Portal, Technical Insight The portion of the UK inflation data showed that the problem is in no hurry to recede. The consumer price index returned to 10.1% y/y, changing hopes that the trend had already reversed. The retail price index is climbing further upwards, reaching 12.6%. The contribution of food to inflation has already exceeded the impact of transport costs. GBP/CAD,D1 Pivot: 1.5443 Analysis: While the price is above 1.5200, follow the recommendations below: Time frame: D1...
Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of Canada has raised interest rates incredibly fast by 300bps since March and perhaps the latest softening in inflation data could be a product of its aggressive tightening. However, despite the fast pace and size of monetary tightening, the impact on inflation has been negligible so far and the BoC’s 1-3% target remains some distance away, raising fears of an entrenched inflation phenomenon. EUR/CAD,D1 Pivot: 1.3450 Analysis: As long as the price is...
