For AUD investors the spotlight will no doubt be on the Reserve Bank of Australia’s latest rate decision.
No policy changes are expected this week, but will the bank offer any insight into this future stimulus plans?
GBP AUD charts
MONTHLY show this pair has two targets. The first target is 1.87889 – 835 pips above the current position. The second target is at 1.96835 – 1703 pips up from the current position. The rsi and cmo are just above the buy zone. Once it reaches the buy zone then a buy trade should be placed for this time frame.
WEEKLY shows this pair has three targets. The first target is at 1.85428 – 559 pips above the current position; the second target is at 1.89449 – 996 pips above the current price; the third target is at 1.91541 – 1170 pips above the current price. The rsi and cmo is in the buy zone. Wait for confirmation of up movement then place a buy trade to reach the first target.
DAILY shows this pair has two targets. The first target is at 1.80247 – 43 pips up from the current position; the second target is at 1.81773 – 197 pips above the current position. The rsi and cmo are just above the buy zone. This pair should start moving up to target wait for confirmation of up movement before placing a buy trade.
GBP AUD in the media
Both currencies (GBP and AUD) are also likely to remain highly sensitive to any coronavirus headlines this week, with concerns over the second wave of infections in Australia potentially infusing volatility into the pairing, according to TOR FX. (Updated on the 6th of July 2020)
The risk sensitive Australian Dollar is moving lower versus the Pound, extending losses from the previous week. The Aussie Dollar lost 0.5% versus sterling last week, its first losing week in 5.Currency Live
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