IC Markets

2023-02-15 09:55:48 The Australian Dollar (AUD)
Key news events today
AUD RBA Gov Lowe Speaks
What can we expect from AUD today?
The AUDUSD rejected the 0.70 round number resistance level to trade significantly lower, driven lower by the strength of the DXY. As the AUDUSD breaks out of the previous consolidation and below the 0.6950 price level, look for a continuation of the downside. With the AUDUSD currently trading at the 0.6945 price level, look for the price to trade down to the 0.69 price level, and beyond that, the next key support level is at 0.6750.
Central Bank Notes:
Cash rate stands at 3.35%
Future rate rises are expected as RBA targets the 2-3% inflation target.
Next meeting on 7 March 2023
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-15 09:55:01 Gold (XAU)
Key news events today
No major news events.
What can we expect from Gold today?
As markets anticipate further strengthening of the DXY, the price action on Gold signaled further downside potential. Trading lower overnight from the 1870 price level, Gold is currently at the key support level of 1850. If the price breaks below 1850, Gold could slide further, with the immediate support level at 1845 and the next key support level at 1800.
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-15 09:54:39 The Dollar Index (DXY)
Key news events today
USD Retail Sales m/m
USD Core Retail Sales m/m
What can we expect from DXY today?
Overnight, the US CPI surprised markets as it was released at 6.4% which was slightly higher than the forecast of 6.2%. The data spurred significant volatility in the DXY as the price spiked up to the 103.20 price level before replacing sharply to retest the 102.45 price area. However, as the inflation did not fall as much as expected, the expectation for further rate increases from the Feds has increased. The DXY, currently trading at 103.23, is anticipated to continue climbing to the upside, with the next key resistance level at 103.80. Look out for the US retail sales data to be released today (Forecast: 1.9% Previous: -1.1%) could provide additional upside potential for the DXY.
Central Bank Notes:
Federal Reserve hiked rates by 25bps taking interest rates to 4.75%
Next meeting is on 23 March 2023
Ongoing rate increases will be expected

Next 24 Hours Bias
Medium Bullish Open / Comment

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2023-02-14 10:10:40 The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
On Friday, the USDJPY spiked to the downside, rejecting the 131.50 price level to test the 129.90 price level, following the news release from the BoJ regarding the appointment of Kazuo Ueda as the next BoJ Governor. However, the move lower was brief with renewed DXY strength taking the USDJPY higher again, leading the price to end the week just below the 131.50 price level. Early today, as the DXY continues to strengthen, and with the USDJPY trading just below the 132 price level, further upside could be anticipated. Look for the price to break above the 132-round number resistance level to signal further upside potential, with the next key resistance level at 132.65.
Central Bank Notes:
Cash rate stands at -0.1%
Expanded range for 10 year JGB yield fluctuations to 0.5%
Next meeting is on 8 March 2023

Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-07 07:28:45 The Japanese Yen (JPY)
Key news events today
No major news events.
What can we expect from JPY today?
The USDJPY consolidates along the 132.50 price level overnight with no clear directional bias. However, as the USDJPY fails to retrace lower significantly. Look for a breakout potential to the upside if the price trades beyond the 133 price level. Moves to the upside for the USDJPY could see the price trade significantly higher toward the next key resistance level at the 134-round number level.
Central Bank Notes:
Cash rate stands at -0.1%
Expanded range for 10 year JGB yield fluctuations to 0.5%
Next meeting is on 8 March 2023

Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-07 07:28:22 The Kiwi Dollar (NZD)
Key news events today
No major news events.
What can we expect from NZD today?
The NZDUSD continues to consolidate between the price range of 0.6280 and 0.6330 with no clear directional bias. While some upside could be anticipated, as the AUDUSD trades higher, look for the NZDUSD to complete the retracement to the upside before trading lower again. If the price action on the NZDUSD indicates a rejection of the upside, look for the NZDUSD to break below the 0.6280 price level to signal further downside with the next key support area at the round number price level of 0.62.
Central Bank Notes:
Cash rate stands at 4.25%
Central bank is likely to continue with the current path of rate adjustment
Next meeting is on 21 February 2023
Next 24 Hours Bias
Weak Bearish Open / Comment

2023-02-07 07:27:59 The Australian Dollar (AUD)
Key news events today
AUD Cash Rate
AUD RBA Rate Statement
What can we expect from AUD today?
The RBA hiked rates by 25bps today, taking interest rates in Australia to 3.35%. In the accompanying rate statement, the RBA indicated that further interest rate hikes can be expected, signaling that the current period of high inflation is only temporary. The AUDUSD spiked up to the 0.6950 price level on the release of the interest rate decision. If the price retraces lower beyond the 0.69 round number support, more significant moves to the downside can be expected. However, the AUDUSD could trade briefly higher to test the 0.70 resistance level before trading lower again.
Central Bank Notes:
Cash rate stands at 3.10%
Future rate rises will be determined by data, the outlook for inflation, and the labour market.
Next meeting on 7 February 2023
Next 24 Hours Bias
Weak Bullish Open / Comment

2023-02-07 07:27:35 Gold (XAU)
Key news events today
No major news events.
What can we expect from Gold today?
As the DXY climbed slightly overnight, Gold consolidated in a narrow price range between the 1860 and 1880 levels. Anticipating a brief retracement on the DXY, Gold could trade slightly higher before trading lower again. If Gold fails to break above the 1890 price level, the downtrend is likely to continue. Confirmation of the downside would be signaled if Gold breaks below the 1860 price level, with the next key support level at 1800.
Next 24 Hours Bias
Weak Bearish Open / Comment