Ranges to hold until Thursday morning

Jim Devonport

Compass Global Markets

AUDUSD: Rallied on news the PBoC cut lending rates, however as has been the markets want recently any strength was soon sold into. Australian inflation and Thursday's FOMC statement are the main focus, so should ensure the range is held until then. AUDEUR: The ECB’s comments on QE has this pair holding at fresh 2 month highs. The Ifo survey is the only major data release of the week so we cannot see any reason for the Euro to claw back recent losses and target 100 points of upside as a minimum. AUDGBP: Sterling weakened in line with the Euro sell off to touch resistance levels that have held over the last fortnight. Tuesday’s GDP figures are the only data release of note, so with the FOMC looming we shouldn’t see the range broken. Technically the near term upward corrective channel is still in play. AUDNZD: The Chinese rate cut gave the Aussie a 140 point boost and we closed bang on the middle of the week long range. We’ll likely hold these levels until Thursdays RBNZ. FULL REPORT: (VIEW LINK)


Jim Devonport
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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