Analyst
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 0.67488 with take profit at 0.67872.
Alternative scenario: Sell position is envisaged if price trades below 0.67160 with take profit at 0.66888
ADP Non-farm payroll (USD) 2:15 pm
ISM Non- Manufacturing PMI (USD) 4:00 pm
Comment: The strength on the Aussie could be attributed to the RBA Gov Lowe who delivered a hawkish speech at the National Press Club, highlight of his speech included him saying that he expects consumer spending to pick up as the resource sector is in expansion, he further stated that the labour participation rate has increased and this is met with the increase in supply of labour, which is good for Australian economy. Technically if the instrument closes above the 200 EMA on the 1hour we should expect a strong bullish breakout.
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1554.69 with take profit at 1543.89.
Alternative scenario: Buy position is envisaged if price trades above1564.35 with take profit at 1569.40
ISM Non-Manufacturing PMI (USD) 4 pm
Comment: Generally, gold has been seen as a safe haven when the dollar isn't performing, however, political news from the US has strengthened the dollar once again, which in turn made safe-haven Gold to drop further down.
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