The busiest week of the month is underway with a dozen of major market moving events scheduled on the calendar, Australian brokers report. For the AUDUSD pair most important of all will be Wednesday’s FOMC meeting after which they will release their new economic projections followed by a press conference as usual. The markets expect the Fed to raise rates by 0.25% on Wednesday, so no surprise is likely in that regard. However, what traders will care about is the language in the Fed’s statement and press conference. A hawkish lean in the language will be able to give some boost to the US Dollar and with that probably send the AUDUSD pair lower. To profit on this potential move in the market pick one of the best Australian brokers.
Also important, on Wednesday the US CPI reports will be released. Better than expected CPI reports should positively affect the USD because it will give more confidence to the Fed to send a hawkish message to markets just a few hours later in the day.
Not less important will be the employment reports from Australia just a few hours after the Fed decision and presser. Last time the employment report surprised to the upside but the Australian Dollar failed to sustain gains on the good news. How the Aussie reacts to a positive or negative report this time will give clues on the market sentiment for the AUD at the moment.
Of course, trading with professional Australian brokers can help you be more successful.
Early on Wednesday, the Westpac Consumer Sentiment survey will be released.
As we noted in our analysis a few weeks ago, AUDUSD was bound to fall. The pair is now in a strong downtrend and although it has rebounded at the 0.75 support zone, technicals suggest the bear trend will not stop here.
As shown on the 4-hour chart below, the resistance trendline of the bear channel held and current levels look attractive to enter short with a stop just above the resistance trendline. Find a broker to trade this setup from a list of top binary options Australia brokers.
Furthermore, the small retracement upward channel was broken to the downside and retested from the other side confirming the breakout – making the opportunity to sell here even more compelling.
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I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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