AUD Strengthens After Comments From The BoJ
Mon 11th September 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- EURAUD (Covered In Video)
- CADCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| Price | Pips +/- | R/R (Max/Min) | |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
Announcements from the Bank of Japan Governor Ueada about the future of monetary policy in Japan fueled a sudden move in the forex markets.
Once currency that benefited from the announcement was AUD.
AUD is top of our live proprietary forex strength vs weakness tables as the strongest (S1) currency.
One of the opposing currencies is the GBP which sits as (W2).
GBPAUD could be the forex pair to focus on in the short term.
Price is currently trading below the key Daily (D1) support of 1.9500.
If this bearish momentum were to continue, we could expect the price to trade towards the next level of support of 1.9325 which is formed from the highs of July 28th of this year.
We also have a higher time frame trend line support which originated from the lows of February 2nd this year.
The hourly (H1) chart shows the price trading below the 50 moving average (red line) and 200 moving average (white line).
This shows us that momentum is lower at this moment.
Technical Observations:
- GBP is W2 and AUD is S1 on the day traders table.
- Price is trading below key Daily (D1) support of 1.9500.
- The hourly (H1) chart shows price trading below the 50 moving average.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
