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AUD/USD bulls defend 0.75 level on China’s PMI; Oil’s recovering on open interest changes

November 01, 2021

AUD/USD: The Australian dollar keeps trading around 0.7515, despite recently reaching the 0.7504 support from the intraday low on China’s PMI data during the Asian session. In doing so, the Aussie has been recovering since Friday after falling amid mixed clues and cautious sentiment ahead of tomorrow’s RBA. In addition to the mixed data, Australia’s easing of international border restrictions for the first time during the pandemic should have also favored the AUD/USD. Cautious sentiment ahead of tomorrow’s Reserve Bank of Australia monetary policy meeting can affect further AUD/USD dynamics.

BUY LIMIT 0.7470/TP 0.7560/SL 0.740


DXY: The US dollar showed a bullish dynamic on Friday as global stocks fell. The DXY gained against all majors, so the traders expect a correction in the price at the beginning of the Asian session. However, this is offering the stronger hands a discount to buy the dollar cheaper. Meanwhile, all eyes will be on the Federal Reserve’s meeting this week and the Nonfarm Payrolls report, scheduled on Friday. The Fed is widely expected to announce its tapering plans this week.

BUY LIMIT 93.90/TP 95.00/SL 93.50


WTI: After WTI prices fell and rebounded from the $80 support mark on Thursday, bulls managed to close two sessions in a row with gains. The descending move was linked to rising open interest, which is supportive of extra gains in the short term. Against that, the next resistance comes at the $85 level. CME Group’s advanced report for crude oil futures markets noted traders added around 12K contracts and reversed five consecutive daily drops on the last week. Volume, instead, extended the downtrend and reached 8K contracts.

SELL LIMIT 85.00/TP 82.50/SL 86.00