Good afternoon Forex Kings!
I hope you all enjoyed the webinar last night focusing on todays main event – RBA interest rate decision.
The RBA is expected to keep interest rates on hold, currently there is a 23% chance of a rate cut.
On the global scale, there are a number of fundamental factors to keep in mind when trading the AUD, including the recent outbreak of the Corona-virus in China.
With the death toll still relatively low, the RBA may not factor the virus into their decision making during todays meeting.
AUDNZD – Weekly Charts
The weekly charts have formed a kay candle stick structure called the inside bar. When an inside bar is found at a major support or resistance zone, it can indicate a reversal may occur. As you can see the inside bar has worked a number of times previously on the AUDNZD weekly charts.
AUDNZD – Daily Charts
The RSI is signalling a bullish divergence which has also been a strong indicator on the daily time frame.
Trade Set Up:
This trade will need to be placed BEFORE 2:30pm, if you miss the time do not place the trade.
Also, we will be placing this trade five minutes before the announcement at 2:30pm
BUY STOP: We will be placing a buy stop at 1.0390, stop loss 1.0360 and take profit target will be left open as there is potentially a large amount of upside.