With CB turning dovish, I think Aussie will be closely watched this week with inflation data on Wednesday, when speculators can put out their new bets regarding the RBA rate decision. Data in recent months showed that inflation is slowing down, so if this path remains unchanged after Wednesday, then RBA can follow other dovish CB, and as a result, aussie can drop. From an Elliott wave perspective, we see the bearish triangle that can be pointing down, but after wave E bounce. Rsistance is at 0.6550-0.66.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
AUD/USD holds the bounce toward 0.6250 after China's Caixin Services PMI
AUD/USD sustains the rebound toward 0.6250 in the Asian session on Monday after China's Caixin Services PMI beat estimates with 52.2 in December. China's stimulus optimism and a subdued US Dollar offset increased bets for early RBA rate cuts, reviving the demand for the Aussie.
USD/JPY: Upside remains capped below 158.00 amid cautious mood
USD/JPY is consolidating the upside below 158.00 in Asian trading on Monday. The pair feels the heat from a cautious risk tone and a broadly subdued US Dollar but the divergent Fed-BoJ policy expectatations help keep it afloat in the Nonfarm Payrolls week.
Gold inches higher toward $2,650 as traders await fresh catalysts
Gold price looks to gain ground near $2,640 in the Asian trading hours on Monday as the US Dollar struggles to hold onto the US ISM Manufacturing PMI-led upside. China's stimulus hopes and a softer risk tone underpins the bright metal. All eyes remain on geopolitics and Fedspeak for fresh impetus.
Canadian Dollar jumps as PM Trudeau set to announce resignation
Citing three sources, a Canadian news outlet, The Globe and Mail, reported on Sunday that Prime Minister Justin Trudeau will likely announce as early as Monday that he will resign as Liberal Party Leader.
Week ahead – US NFP to test the markets, Eurozone CPI data also in focus
King Dollar flexes its muscles ahead of Friday’s NFP. Eurozone flash CPI numbers awaited as euro bleeds. Canada’s jobs data to impact bets of a January BoC cut. Australia’s CPI and Japan’s wages also on tap.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.