A huge 24 hours ahead for currencies

Jim Devonport

Compass Global Markets

AUDUSD: Broke lower on weaker sentiment as reports suggest today's domestic inflation number could be the trigger for a cut in interest rates. Technically our flag formation broke and triggered a larger sell off. With such a huge 24 hours ahead we’d suggest orders are placed now. AUDEUR: The Euro traded sideways elsewhere, so this pair drifted lower. There is no EU data so direction will be driven locally and could therefore spark a pull back later this morning. Support sits 70 points below. AUDGBP: Also ground lower as the local unit fell out of favour. The move came despite a weaker Q3 GDP print. We are now just 60 points away from support of the short term upward channel. AUDNZD: The NZ trade deficit widened again but still did nothing to halt another sell off. The market has changed its mind on which central bank will be the next to pull the trigger with the RBA firm favorite’s. Therefore be prepared for the RBNZ meeting tomorrow morning as another cut by them should spark sizeable upside. FULL REPORT: (VIEW LINK)


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Compass Global Markets

Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...

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