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Aussie Rallies After Rate Hold03 July 2018 by Dave Evans

Morning Report: 07.00 London

The Aussie dollar is on the rise this morning after the RBA opted to keep rates on hold as expected. The statement was well received with traders bidding up the Aussie as a result. The AUD/USD is up 0.2%, with the AUD/JPY up 0.25%. The Aussie is still down on the week though after the week’s opening losses.

The pound and euro have a slight positive bias, with the EUR/USD and GBP/USD nudging higher. The EUR/JPY and GBP/JPY are also tracking higher, while the EUR/GBP tops 0.8850 with the euro in control.

The US Dollar index is dipping lower this morning, but remains within touching distance of the recent highs.

The USD/CAD is slipping lower again as oil prices dropped below $78.00. Meanwhile, the USD/CHF remains rangebound just below parity.

The USD/JPY continues to perform well with posting its sixth gain in a row and is set to test the highs of 111.00.

Coming up today

Today, we have UK construction PMI at 09.30.

Trade Idea

Gold has continued to slump, but $1240 has acted as a key support level previously. Support and resistance lines are rarely straight forward and we could see a few tests lower before gold’s decline is reversed.

July 3rd, 2018: Aussie Rallies After Rate Hold

A good way to play this is a ONE TOUCH trade predicting that gold touches $1220 within 14 days for a potential return of 122%.

July 3rd, 2018: Aussie Rallies After Rate Hold