Baby steps from the Fed so the range to hold

Jim Devonport

Compass Global Markets

AUDUSD: Pulled back from the SSE inspired highs yesterday as there was no domestic economic data and as the market awaited the FOMC meet. The US central bank kept rates on hold as expected and suggested any rate hikes will be gradual, but importantly gave no reason for us to adjust the thoughts of a move in September. On the charts our forecast resistance held and we favour that continuing this week with the recent lows also supporting. AUDEUR: As predicted, this pair has traded in a relatively tight range but price action may pick up with European numbers tonight. On the charts we are testing the neck line of a head and shoulders pattern. AUDGBP: Our favoured push lower eventuated yesterday as the general positive sentiment towards the Pound carries on. The recent range should give way with a break to the downside to come near term. AUDNZD: An up day for this pair as a larger than normal amount of NZ Corporates were seen repatriating AUD receipts. These general support levels should hold firm. Famous last words.


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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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