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AUD/USD

Market Opportunities - 02/11/2021

02 November, 2021

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

AUD/USD Weekly downtrend opportunity based on 1.00 Lot Calculation:

  • EVENT: Wednesday, November 3, 07:30 PM GMT+1 – The US Federal Reserve’s meeting end with an accompanying media conference of the Fed Chair Jerome Powell. The Fed is expected to announce shift in its monetary policy as rising inflation becomes more persistent than previously thought according to comments put forward from Fed officials.
  • Overnight, the Reserve Bank of Australia (RBA) left its policy rate unchanged as expected. However, it sent out a more dovish message by deciding to discontinue the target of 10 basis points for the April 2024 Australian Government bond. Commenting on the policy outlook, RBA Governor Phillip Lowe said market pricing for early rate hikes was extremely unlikely.

AUD/USD, November 2, 2021
Current Price: 0.7471

AUD/USD

Weekly

Trend Direction

DOWN

Resistance 3

0.7581

Resistance 2

0.7561

Resistance 1

0.7541

Support 1

0.7401

Support 2

0.7381

Support 3

0.7361

Example of calculation based on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-1,100

-900

-700

700

900

1,100

Profit or loss Short in €**

-948

-775

-603

603

775

948

Profit or loss Short in £**

-806

-659

-513

513

659

806

Profit or loss Short in C$**

-1,363

-1,115

-867

867

1,115

1,363

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 07:50 am (GMT+1) 2/11/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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