#EURUSD,#GBPUSD,#AUDUSD #Forex Signal (28 NOV 2023)
AUD/USD Forex Signal: RBA and Fed Divergence Bullish for Aussie
The pair will likely continue soaring as buyers target the key resistance point at 0.6700.
Bullish view
Bearish view
- Set a sell-stop at 0.6565 and a take-profit at 0.6600.
- Add a stop-loss at 0.6775.
The Aussie continued its strong recovery, helped by the diverging monetary policy statement between the Federal Reserve and Reserve Bank of Australia (RBA). The AUD/USD pair rallied to a high of 0.6612, the highest point since August.
Fed and RBA divergence
The Fed and RBA are showing signs of diverging on their monetary policy. In its decision this month, the Fed left rates unchanged between 5.25% and 5.50%. Minutes published last week showed that most officials were concerned about further rate hikes.
AUD/USD technical analysis
The Australian dollar continued its bullish momentum amid divergence between the RBA and Fed. It jumped to a high of 0.6613, the highest point since August. It has remained above the 50-period and 25-period moving averages.
The pair has just flipped the 50% Fibonacci Retracement level into a support level. Also, the MACD has remained above the neutral point while the Relative Strength Index (RSI) has pointed upwards.
Therefore, the pair will likely continue soaring as buyers target the key resistance point at 0.6700.
EUR/USD Forex Signal: Extremely Bullish Above 1.0965
The EUR/USD pair has been in an uptrend in the past few weeks.
Bearish view
- Sell the EUR/USD pair and set a take-profit at 1.0850.
- Add a stop-loss at 1.1025.
- Timeline: 1-2 days.
Bullish view
- Set a buy-stop at 1.0965 and a take-profit at 1.1035.
- Add a stop-loss at 1.0900.
The EUR/USD exchange rate held steady near its highest level this month after a hawkish statement by Christine Lagarde, the head of the European Central Bank (ECB). The pair was trading at 1.0947, a few pips below this month’s high of 1.0965. It has surged by over 4.75% from its lowest point in October.
Hawkish ECB statement
The EUR/USD pair did well in the overnight session after Christine Lagarde hinted that the bank would discuss speeding its shrinkage of its balance sheet by ending its last bond purchases earlier than planned. Like the Fed, the ECB has been shrinking its balance sheet through a process known as Quantitative Tightening.
EUR/USD technical analysis
The EUR/USD pair has been in an uptrend in the past few weeks. It has risen from last month’s low of 1.0450 to 1.0965. It has remained above the 50-period moving average on the four-hour chart. It is also higher than the Ichimoku cloud.
Also, the pair is hovering at the 61.8% Fibonacci Retracement point. Most importantly, it has formed a small double-top pattern whose neckline is at 1.0850. Therefore, there are two likely scenarios.
First, the pair could play out the double-top pattern and retreat to the neckline at 1.0850. The other scenario is where it blasts past the double-top point at 1.0965 and continues the uptrend.
GBP/USD Forex Signal: Rising ADX Indicator Points to More Gains Ahead
The GBP/USD pair continued its uptrend on Tuesday after the hawkish statement by Andrew Bailey.
Bullish view
- Buy the GBP/USD pair and set a take-profit at 1.2800.
- Add a stop-loss at 1.2550.
- Timeline: 1-2 days.
Bearish view
- Set a sell-stop at 1.2600 and a take-profit at 1.2500.
- Add a stop-loss at 1.2700.
The GBP/USD exchange rate continued its recovery this week as the UK hosted its Global Investment Summit. It also rose after a hawkish statement by the head of the Bank of England (BoE). It jumped to a high of 1.2645 on Monday, the highest point since September 1st.
UK rates to remain high
The GBP/USD pair’s bullish momentum continued after Andrew Bailey reiterated that the BoE will maintain higher interest rates for longer. He pushed back against hopes that the bank will start cutting rates in 2024.
GBP/USD technical analysis
The GBP/USD pair continued its uptrend on Tuesday after the hawkish statement by Andrew Bailey. On the 4H chart, it has just risen above the 50% Fibonacci Retracement level. Also, the pair has moved above the 50-period moving average.
The Relative Strength Index (RSI) has formed an ascending channel while the Average Directional Index (ADX) is approaching 40. A higher ADX figure is usually a sign of a trend strength.
Therefore, the outlook for the pair is still bullish, with the next point to watch being at 1.2800.
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