Currency call summary 18 10 2021:
DXY to hold around this current range of 93.80 to 94.00 with more upside to be seen into this week is 94.00 holds up.
AUDUSD selling opportunities if price can get below 0.7379, with a 30 pip stop loss and a 120 pip take profit. This is a counter trend trade and is dependent on the DXY moving higher beyond 94.00. This trade should be managed closely once price gets to around 50 to 60 pips with the possibility of buying into a pullback. The weak Chinese inflation data came out weaker than expected today which indicates a slowing down in economic activity, and as Australia is a significant exporter to China this is a catalyst for a weaker Aussie dollar.
NZDUSD this has already been called out in the signals chat, there is a bullish thesis present here with the stronger than expected inflation data out. This could lead the Reserve Bank of New Zealand to potentially raise interest rates further to slow down this rise in inflation. For the buy trade idea it will be based on price action on the one or four hour time frame closing above 0.7080 with a 30 pip stop loss and a 60 pip take profit. if there is continued strength in the DXY caution needs to shown on NZDUSD longs here also.
Make sure you catch tonight's trading call with Jin at 8 pm GMT 8 to help prepare for the week ahead.
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