Sorry, you need to enable JavaScript to visit this website.

AUD/USD Forecast 20 Apr 2016

You are here

AUD/USD Forecast 20 Apr 2016
5/5 of 2 ratings

The Aussie is probably following the British pound, which added 190 points over the past two days

Yesterday, the Minutes from the RBA meeting showed the immutability of the regulator. The head of the RBA hinted that further rate cuts are impractical ("ultra-low rates create problems for depositors").

Yesterday the crude oil raised in price a little, but today during the Asian session, its price is lower than Friday's close. The members of the OPEC have done everything possible to save the declining dynamics under the US pressure.

Today, the US is to publish data on crude oil inventories, the forecast is 2.4 million barrels. Yesterday, silver rose by 4.42%, gold added 1.45%. If this trend continues, it will provoke the growth of the metals market. Its index increased by 0.58% over the past 4 days.

We presume that the US dollar can strengthen in the short term, respectively, the Australian dollar will take the downward trend.

How to trade

Now the pair has several key levels on the hourly chart: 0.7852, 0.7799, 0.7735, 0.7713, 0.7679. The continuation of upward movement is expected if the pair overcomes the level of 0.7800. The short-term downward movement is possible in the range of 0.7736 - 0.7713.

We would buy call options if the pair rises above 0.7800. We would buy put binary options if the pair falls below 0.7736.

Expiry time: 20:00 GMT

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

You may also read