CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% 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. 82% 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.

Chart of the day - AUDCHF (17.05.2022)

07:32 17 May 2022

The Australian dollar is the best performing G10 currency today. AUD got a lift following the release of RBA minutes from its latest meeting in early-May. Document showed that the Bank was considering three different rate hike options - 15 basis points, 25 basis points and 40 basis points. A 25 basis point increase was deemed appropriate and ultimately delivered. However, the fact that the RBA even considered a 40 basis point rate hike is a very hawkish signal. Central bankers noted that further increases in the cash rate will be needed at the coming meetings in order not to de-anchor inflation expectations.

AUDCHF has been trading sideways in a 0.6850-0.7080 range since late-March 2022. The pair pulled back last week and tested lower limit of the range near 38.2% retracement of the upward move launched in late-January 2022. Bulls managed to defend the area and launch a recovery move. The pair has already recovered past the midpoint of the range marked with 23.6% retracement as well as 50- and 200-period moving averages (H4 interval). The next resistance to watch now is the upper limit of the range in the 0.7080 area, around 1% above current market price.

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Source: xStation5

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