Majors on Tuesday: It’s RBA Time for the AUD
Hi Everyone,
Monday was a very interesting start to the trading week, to say the least. News of progress with US President Trump’s Tax Cuts sent the USD jumping in early trade. However, for the most part, the fast start couldn’t be maintained and many pairs did their best to close the gap.
Interestingly tech stocks in the US declined and the big companies made some progress. Tech stocks pay a lot less tax and stand to benefit far less than the larger established players that make up the Dow.
Today we have the RBA rate decision in Australia. There isn’t any suggestion of a change and it might be wise to consider looking for further shorting opportunities. My mate Shain has taken a good look at some resistance levels worth considering on any spike higher.
Forex Majors
AUD/USD – The AUD is in the limelight today and I like the look of 0.7640 to try and find a short.
EUR/USD – The Euro fell a touch and I’m still long-term bearish.
USD/JPY – The Yen followed the lead of the stock market with a gap up and sell off. More upside to come I feel.
NZD/USD – The Kiwi is weak as usual and I would sell pullbacks.
USD/CAD -The CAD has found support. Waiting on price action in this one.
USD/CHF – The Swissy was in the action as all those looking for risk off on Friday came pouring back in.
GBP/USD – The pound is consolidating after a big week. Looking to go with the trend after we see a break.
US Dollar Index (DXY) – The USD gapped up and fell back. Still bullish with tax cuts looming large.
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