Source: PaxForex Premium Analytics Portal, Technical Insight The AUD/USD is retreating sharply from the highest level since June 17 and falling below the psychological mark of 0.7000. The sharp intraday slump led prices to a new daily low near 0.6950. AUD/USD,D1 Pivot: 0.6977 Analysis: Provided that the currency pair is above 0.6850, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 0.6977 Take Profit 1: 0.7060 Take Profit 2: 0.7165 Alternative scenario: In case...
Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of England (BoE) is likely to shy away from an aggressive interest rate hike in August and instead stick with a more modest 25 basis point increase, but the odds of both outcomes are almost equal, according to the latest Reuters poll of economists. GBP/CHF,D1 Pivot: 1.1603 Analysis: While the price is below 1.1750, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.1603 Take Profit 1: 1.1500 Take Profit 2...
Source: PaxForex Premium Analytics Portal, Technical Insight Analysts at TD Securities (TDS) offered a brief overview of Canada's monthly GDP report, which is expected to show that the economy contracted 0.2% in May. NZD/CAD,D1 Pivot: 0.8084 Analysis: As long as the price is below 0.8165 follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 0.8084 Take Profit 1: 0.7950 Take Profit 2: 0.7900 Alternative scenario: If the level of 0.8165 is broken-out, follow the...
Source: PaxForex Premium Analytics Portal, Technical Insight Low crude oil prices might undermine the demand for the Loonie and help limit losses. GBP/CAD,D1 Pivot: 1.5670 Analysis: While the price is below 1.5680, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.5607 Take Profit 1: 1.5340 Take Profit 2: 1.5200 Alternative scenario: If level 1.5680 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.5680...
Source: PaxForex Premium Analytics Portal, Technical Insight "We expect the Bank of Canada to raise the overnight key rate by 75 bps at its meeting in September and again by 25 bps in October," writes Andrew Kelvin, chief Canadian strategist at TD Securities (TDS). EUR/CAD,D1 Pivot: 1.3098 Analysis: As long as the price is below 1.3260 follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1.3098 Take Profit 1: 1.2975 Take Profit 2: 1.2850 Alternative scenario: If the...
