Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
8 October 2024,02:02
Trade Of The Day
Tags:
8 October 2024, 02:02
* Cautious Approach: The Australian dollar continue to extend losses against the U.S. dollar as markets assess the RBA’s September meeting minutes, which reflect a cautious approach. The Reserve Bank of Australia’s board considered both rate cuts and hikes but ultimately decided the current cash rate is the best course to manage inflation risks and the labor market. Additionally, the Aussie is under pressure from a strong U.S. dollar, supported by fading hopes of a large Fed rate cut. After strong U.S. jobs data, the chance of a 50-basis-point cut in November or December is now zero, with a 90% likelihood of a 25-basis-point cut next month.
* Technical Breakout: : AUDUSD was traded lower while currently testing the support level 0.67550. MACD which illustrates persistent bearish momentum signal suggest the pair to likely extend its losses further.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the support level 0.66900 after it breach below the level 0.67550. Conversely, a potential reversal is also to be expected and the price could head back towards 0.68200.
Looking ahead, investors will turn their attention to key U.S. economic releases, including inflation data, jobless claims, FOMC Meeting Minutes, all of which are expected to capture market focus this week.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Australia data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
Register For PU Xtrader Challenge And Start Prop Trading
Take Challenge
Trade with simulated capital and earn real profits after you pass our trader assessment.
30 October 2024, 02:24 Kiwi Slips On Dovish Mood Around RBNZ
29 October 2024, 02:03 Gold Prices Steady Despite Middle East Risk Eases
28 October 2024, 02:07 Political Instability Sends Yen Plunging
Disclaimer: This website exclusively provides proprietary trading services. We do not engage in any regulated activities, offer investment management services, or manage funds on behalf of external clients. Our trading activities are conducted solely with the firm's own capital, and we do not accept client deposits or manage client accounts. It's important to note that none of the services we provide should be construed as investment or financial services in accordance with applicable laws.
This website offers services related to professional skill and experience assessment, which determine your eligibility to trade with the firm's capital. The outcome of these services is inherently determined by your individual skill level and ability to perform within the trading requirements and objectives outlined for each service separately. Clients are strongly advised to thoroughly understand the requirements of the services before signing up for any.
The content provided on this website is for informational purposes only and does not constitute financial, investment, or trading advice. The information presented is based on sources believed to be reliable, but we do not guarantee its accuracy, completeness, or timeliness. We disclaim any liability for any loss or damage arising directly or indirectly from the use of or reliance on the information provided on this website.
This website is not directed to residents of certain jurisdictions such as the United States, Singapore, Australia, China, Pakistan and some other specified regions, and is not intended for distribution to, or use by, any person in any countries or jurisdictions where such distribution or use would be contrary to local law or regulation.
