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Trading ideas for EUR/USD, AUD/USD and GOLD

October 06, 2021

EUR/USD: The European currency fell against the US dollar on Tuesday due to a broad US dollar strength. The market sentiment is optimistic, testified by the bounce in the US stock market indices. The US Dollar Index is rising, driven by a higher US 10-year Treasury yield. European data was mixed. Markit published the final figures of its September PMIs, which were upwardly revised, but still indicated that the growth rate has slowed notably from July and August figures. Today, Germany publishes August Factory Orders, while the Eurozone will release Retail Sales for the same month. The US will publish the ADP survey on private payrolls. The local support level can be seen at 1.1570. A breakout below could take the pair towards 1.1515.

SELL 1.1565/TP 1.1515/SL 1.1582


AUD/USD: The Australian dollar a little rose against the US dollar on Tuesday, but further growth was held back by worries about growth in China – a top market for Australian commodity exports. The Reserve Bank of Australia had a monetary policy meeting yesterday, and it maintained the official cash rate at 0.1% and the target of 10 basis points for the April 2024 Australian government bond. Additionally, they repeated that they will continue to purchase government securities at the rate of $4 billion a week until at least middle February next year. The local resistance level can be seen at 0.7295. A breakout to the upside can trigger growth to 0.7360.

BUY 0.7305/TP 0.7360/SL 0.7287


XAU/USD: Gold prices fell yesterday due to a rise in US Treasury yields and a stronger dollar ahead of US payrolls data on Friday. Traders are focused on Friday, when the US unemployment report for September may determine when the Fed proceeds with plans to begin tapering its $120 billion a month of bond purchases. A higher USD price makes gold expensive for holders of other currencies. Gold fell for the first time in four days. The local support level can be seen at $1748. A breakout below could take the pair towards $1730.

SELL $1747.50/TP $1730/SL $1753.30