Thu, Dec 08, 2022 @ 16:59 GMT
HomeContributorsTechnical AnalysisAussie Remains Bullish after RBA Minutes – Elliott Wave Shows Room for...

Aussie Remains Bullish after RBA Minutes – Elliott Wave Shows Room for Further Strength

RBA is looking for higher rates in an upcoming meeting, but its unclear if there will be 25 or 50bp increase which will be determined by incoming data and the outlook for inflation and employment. We see AUDUSD trading at the highs of the week after the minutes were released and it appears there is room for further gains as we see price in wave three, headed towards 161.8% Fib. We also see stocks still in bullish mode, including HSI, and copper while USDCNH is coming down, so these are all positive signs for the Aussie. As such, I may look for long entries after a pullback.

 

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading