Analyst
Intraday: Bearish
Preference: Sell position is envisaged if price trades below 1.32640 with take profit at 1.32457.
Alternative scenario: Buy position is envisaged if price trades above 1.32805 with take profit at 1.33044.
Fed Chair Powell Speaks (USD) 3:40 pm
Comment: Technically on the H1 we see the instrument is trading around a strong resistance and the likelihood of price breaking above this resistance is not feasible for the major part of the day. Price has been trading below the 50 EMA and this MA has been serving as a resistance for the price. Until prices confidently break above the MA we should expect a sell.
Intraday: Bullish
Preference: Buy position is envisaged if price trades above 0.71568 with take profit at key level 0.71801.
Alternative scenario: Sell if price trades below 0.71276 with take profit at 0.71101.
Annual Budget Release (AUD) 9:30 pm
Fed Chair Powell Speaks (USD) 3:40 pm
Comment: The instrument closed bullish yesterday, despite the positive news from the US showing that ISM service PMI showing better forecast than the estimate. Today we have seen that the RBA rate has not been changed but from the US side we have seen congress stall the stimulus package, this has made investors dovish on the dollar, but a possibility of the Democrats winning the Senate and presidency would send a bullish sentiment to the market.
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