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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD range trades while AUD/USD and AUD/CAD slide post RBA minutes

​​Outlook on EUR/USD, AUD/USD and AUD/CAD post finely tuned RBA minutes.

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​​​EUR/USD range trades below one-month high

EUR/USD continues to range trade in low volatility as investors assess the European and US economies and their central banks’ monetary policies.

​Last week the cross rose to $1.097, close to its $1.0973 early-April high. Further up lies the minor psychological $1.10 mark which may be reached once the current sideways trading range has run its course.

​Potential slips may find support along the 55-day simple moving average (SMA) at $1.0884.

EUR/USD chart Source: IT-Finance.com
EUR/USD chart Source: IT-Finance.com

​AUD/USD drops as investors mull over RBA minutes

AUD/USD is seen swiftly coming off last week’s $0.6899 four-month high as the Reserve Bank of Australia’s (RBA) minutes showed that the decision to hike had been finely-balanced, and investors scaled back expectations of another rate increase in July.

​The cross is currently trying to find support around its $0.6806 to $0.6793 early- to mid-April highs. If slipped through, the 20 April high at $0.6772 would be eyed.

​Resistance at Friday’s $0.6856 low is expected to cap any short-term comeback by the bulls. While no rise above last week’s high at $0.6899 occurs, further downside is likely to be on the cards for the days ahead.

AUD/USD chart Source: IT-Finance.com
AUD/USD chart Source: IT-Finance.com

​AUD/CAD comes off its two month high following RBA minutes

​The AUD/CAD exchange rate, which had been rising from its C$0.8784 seven-month late-May low, seems to have topped out at last Friday’s C$0.9117 two-month high.

​Tuesday’s RBA minutes provoked further Australian dollar depreciation with the cross dropping to the 55-day SMA at C$0.8989. This currently offers support.

​Below it nonetheless beckons the April trough at C$0.8944. Resistance above Monday’s C$0.9026 low can be spotted along the 200-day SMA at C$0.9046.

AUD/CAD chart Source: IT-Finance.com
AUD/CAD chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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