AUD: Trade Ideas

AUD: Trade Ideas

2024-02-19 • Dikemaskini

Last Tuesday, the Australian dollar experienced its steepest drop of the year, falling by 1.18%, following higher-than-expected US inflation figures, which boosted the US dollar. However, the Aussie has since rebounded and is now trading at a two-week high against the US dollar. Investors are eagerly awaiting the release of the Reserve Bank of Australia's meeting minutes on Tuesday, after the RBA opted to maintain the cash rate at 4.35% in February. Despite speculation about future rate cuts, the RBA has expressed concerns about persistent inflation not reaching the target range of 2%-3% until 2025. With last week's employment report disappointing expectations, attention now turns to Wednesday's wage price index report, which could influence the likelihood of RBA interest rate hikes.

GBPAUD - H4 Timeframe

GBPAUDH4-190224.png

GBPAUD has recently been rejected off the supply zone on the weekly timeframe,  and following this, the price action has created a break of structure to the downside. In light of this, I will be waiting for the price action to complete a retest of the trendline, and then the bearish move can resume. The Fibonacci retracement levels and the trendline resistance are my confirmations for this sentiment.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.90905

Invalidation: 1.95313

EURAUD - D1 Timeframe

 EURAUDDaily-190224.png

EURAUD has just been rejected from the 76% of the Fibonacci retracement level, with the trendline resistance serving as additional confirmation for the bearish direction. I expect to see price drop all the way to 23% as the initial target for this sentiment.

Analyst’s Expectations: 

Direction: Bearish

Target: 1.62871

Invalidation: 1.67623

AUDCHF - D1 Timeframe

 AUDCHFDaily-190224.png

AUDCHF on the daily timeframe is currently approaching the 76% Fibonacci retracement level. The notable confluences in this case are the trendline resistance, supply zone, as well as the 200-day moving average resistance. My initial target here is the 23% of the Fibonacci retracement.

Analyst’s Expectations: 

Direction: Bearish

Target: 0.56816

Invalidation: 0.58681

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

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