Daily Market Analysis and Forex News

Target Thursdays: UK100 & AUDUSD hit profit target

UK100 soars through profit levels

AUDUSD bears bag 30 pips

Bonus: Keep on USDInd trading range

Check out these potential profits that you may have missed from our Daily Market Analysis.

UK100 hits all take-profit levels

The UK100 which tracks the benchmark FTSE100 index soared through the bullish intra-day price targets this morning.

Profit target hit: YES, 4 out of 4 profit targets have been hit.

Why: The UK100 has an inverse relationship with the British pound. A weaker pound is bullish for the index.

Technical forces: Prices are bullish on the 30-minute timeframe.

The above scenario (UK100) is based on the FXTM Signals that are posted twice a day (before the London and New York sessions) for all FXTM clients to follow.

AUDUSD selloff rewards 30 pips

AUDUSD tumbled like a house of cards, sliding past and beyond all the pre-defined take profit levels.

Profit target hit: YES, 4 out of 4 profit targets have been hit this morning.

Why: A broadly stronger dollar following Wednesday’s Fed meeting dragged prices lower.

Technical forces: Prices are bearish on the 30-minute timeframe.

The above scenario (AUDUSD) is based on the FXTM Signals that are posted twice a day (before the London and New York sessions) for all FXTM clients to follow.

GBPUSD bears halted by BoE

In our trade of the week, we discussed whether the GBPUSD was on the brink of a major breakout. On Thursday morning prices started to move with the BoE policy decision sparking volatility.

Profit target hit: NO, but bears came close to hitting 1.2600 level.

Why: Despite tumbling on Wednesday evening, prices rebounded following the BoE decision on Thursday. UK rates were left unchanged, but BoE Governor stated more evidence was needed before lowering rates.

Technical forces: Prices back within range but weakness below the 50-day SMA may support bears.

Bonus: Will USDInd bullish setup be triggered?

Last Friday, the USDInd hijacked our attention due to the heavy-hitting events this week. After swinging within a range, a breakout could be around the corner.

Profit target hit: NO, but prices are testing the 103.70 resistance.

Why: Dollar boosted by Fed’s hawkish remarks and falling odds of rate cut in March. NFP on Friday in focus.

Technical forces: Daily close above 103.70 may open a path towards the 100-day SMA at 104.40.