Best Forex Trading Signals
The AUD USD formed a closing price reversal bottom on Tuesday after the Reserve Bank of Australia minutes suggested that the central bank will not be lowering its benchmark interest rate in the near-term. Although a reversal bottom has been formed, it hasn’t been confirm, leading one to speculate that perhaps yesterday’s rally was short-covering rather than new buying. A trade through 1.0312 will confirm the bottom, triggering a possible acceleration to the upside. Bullish news from the Fed could also fuel a breakout rally.
The dollar soared against all of the G10 currencies except the JPY as risk aversion gripped the markets. Global growth concerns came back in focus following yesterday’s Fed assessment of the economy which noted “significant downside risks” to the economic outlook. Worries were exacerbated by weak PMI’s in China and Europe with the Euro zone flash manufacturing PMI and HSBC flash China manufacturing PMI both printing below the key 50 level indicating contraction. The IMF’s Lagarde was on the wires saying that the world economy is entering a ‘dangerous phase’ and that ‘the downside risks are high’. U.S. Treasury yields plunged with new record lows in the 5-, 7-, and 10-year yields as investors fled to safety which boosted the dollar.
Now, on to our open positions and new trades. Lets take a look at the specifics:
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