GBPAUD Forex Technical Analysis – Nov 15, 2017

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GBPAUD is slowly breaking above the resistance of its symmetrical triangle pattern on the daily time frame. This chart pattern is approximately 2000 pips tall so the resulting uptrend could be of the same height.
The 100 SMA has just crossed below the longer-term 200 SMA on this time frame but appears to be ready for another upward crossover that could draw bulls back in. Stochastic has been on the move down but is turning higher as well.
UK CPI came in weaker than expected for October as the reading held steady at 3.0% instead of improving to the estimated 3.1% figure. Core CPI was also unchanged at 2.7% instead of rising to 2.8%.
Traders are now waiting on the release of the claimant count change and the average earnings index for signs of wage growth. The index is slated to dip from 2.2% to 2.1% to signal weaker spending and inflationary pressures.
As for the Australian dollar, the currency was weighed down by downbeat Chinese industrial production and fixed asset investment which signaled slower demand for commodities. The Aussie also got hit by weaker than expected quarterly wage price index, which posted a 0.5% gain versus the estimated 0.7% increase. Australia’s jobs figures are due tomorrow.
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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.