We’ve obtained a easy technical setup on GBP/AUD lined up for the watchlist as upcoming Australian and U.Ok. financial updates could get the pair transferring very quickly.
Earlier than transferring on, ICYMI, at present’s Day by day U.S. Session Watchlist checked out a simple range play on CAD/CHF, so make sure you test that out to see if there’s nonetheless a possible play!
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Recent Market Headlines & Financial Information:
Upcoming Potential Catalysts on the Economic Calendar
RBA Assistant Governor Ellis speaks at 12:00 am GMT (Sept. 14)
Australia Enterprise Confidence, Home Worth Index at 1:30 am GMT (Sept. 14)
RBA Governor Lowe speech at 3:00 am GMT (Sept. 14)
Japan Industrial Manufacturing at 4:30 am GMT (Sept. 14)
UK Claimant Rely, Unemployment Charge at 6:00 am GMT (Sept. 14)
Spain Inflation Charge at 7:00 am GMT (Sept. 14)
In case you’re not acquainted with the foreign exchange market’s predominant buying and selling periods, try our Forex Market Hours device.
What to Watch: GBP/AUD
On the one hour chart of GBP/AUD above, we are able to see the pair has settled right into a consolidation sample, roughly between 1.8735 – 1.8835 space and tightening up rapidly. And with potential robust catalysts forward from each Australia (RBA Lowe speech) and the U.Ok. (employment replace), it is a nice setup to observe for a straddle news play. This straightforward setup principally appears for a breakout of consolidation, and if the catalyst is powerful sufficient, and a momentum transfer in a single path.
For this explicit situation, we’re looking out for dovish rhetoric from RBA Governor Lowe’s upcoming speech and better-than-expected U.Ok. jobs knowledge to play the current uptrend within the pair since final week.
If this happens, each fundamental and technical merchants could hop in lengthy on an upside break, particularly if the market can maintain above the current swing highs round 1.8835 deal with.
After all, if the we see the other situation of Lowe hinting at tapering or climbing charges quickly (a really low chance situation) and disappointing U.Ok knowledge, then a draw back breakout could happen.
This situation truly aligns with the longer-term bearish reversal that we noticed in August, and the 1.8800 main psychological deal with could also be considered as a possible promoting space as it could type a “broken-support-turned-resistance” sample.