Aussie dollar broke neck line

According to Head and shoulders pattern, Aussie dollar built this pattern but on 12th December the price rose higher than the neck line. If AUS keep staying higher than 0.7600 USD, it may rise higher. Today I suggest focus RBA meeting minute at 07.30 a.m. and use 0.7600 as support level – 0.7750 as resistance level.

Furthermore, business climate in German may give positive to euro. EUR/USD is still moving in bullish trend because it stays above 1/1 in Gann angle. If German Ifo business climate index in December is better than 117.6, it may support euro rise higher than 1.1800USD. Then we may expect euro reach 1.200 points. But if the business climate is worse than forecast, euro may move sideways down.

Property in the United States may slow down since building permits in November forecasts lower and it may give negative for greenback. However, I think the effect may not so strong. I suggest focus on progress of Trump’s tax reform. If tax reform passes the last 2 councils, it may support Wall Street rise higher. Hence major stock markets in Asia including SET may edge higher follow U.S. market.
CME Bitcoin future rose above 20,000USD on Monday so it may attract investors to invest in bitcoin more. Bitcoin price may close higher than 20,000USD before New Year. Bitcoin cash added in Blockchain and the price hold steady above 1,700USD so BCH may become Bitcoin in 2018.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade

Olymp Trade Review