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06/03/2023


Summary
Australian interest rate decision leads the market

Fundamental analysis
Fundamentally on this pair GBPAUD, we have news coming on tomorrow Tuesday in the economic calendar regarding the Interest rate decision for the AUD with positive expectations To increase the interest rate to 3.6% also we have a trade balance with positive expectations, On the other hand, we have Negative expectations in house price index on the GBP.

Australia RBA Interest Rate Decision

Previous 3.35%
Expected 3.6%

Australia Trade Balance

Previous 12.237B
Expected 12.7B

Uk Halifax House Price Index YoY


Previous 1.9%
Expected 0.7%

Technical analysis
In this 4-hour diagram chart, the market price now is 1.78290, we expect the market to push down the price to the previous demand zone at 1.78028 then we expect the price range for a while and then we'll continue down to the oldest demand zone at 1.76000 It also at the bottom of this down channel with 20 moving average pointing down.  









Trading Recommendation

Trading Direction: Short
Entry Price:1.77767
Target Price:1.76218
Stop Loss: 1.78706