Australia, NZ Dollars Near Major Resistance as US Yields Decline
The Australian and New Zealand dollars are approaching key resistance levels, driven by declining U.S. yields. The Reserve Bank of Australia (RBA) has adopted a notably hawkish stance on the economic outlook. Consequently, markets are currently pricing with only a 16% chance of a rate cut in September, with a 50% probability of a quarter-point reduction in November.
We are therefore tracking to confirm if Sellers push for lower gains indicating the Demand zone 1.08980 to 1.08100. As a result, we anticipate a rebound from the strong support level and reversal to previous higher highs and the price level of 1.10208.
Short trade idea...?
Date & Time: Thursday, 22nd August 2024, 5:00 AM
Session: London to New York Session (AM)
Entry Price: 1.09399
Profit Target: 1.09112
Stop Loss: 1.09531
Risk-Reward Ratio: 2.17
Note
Stop level moved 10.1PIPS
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.