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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.

71% of retail investor accounts lose money when trading CFDs with this provider.

Market Insights

Trading Insights: Australia hikes, US services sector cools, US 30 range trading

Copy of Blog Images - Skilling - 2023-06-06T110449.781

Market talk and ideas

Screenshot 2023-06-06 110703
Chart 1 AUD/JPY as of June 6 2023 6:02 UTC

The above chart illustrates AUD/JPY price action following the Reserve Bank of Australia (RBA) 0.25% rate increase announcement.


Today’s economic calendar

Australia hikes 0.25%, signals more hikes on the way

  • Current rate 4.1%
  • Sticky services prices and increasing wages could support the case for more rate hikes

Screenshot 2023-06-06 110928
Source: TradingView / J. Knobel June 6 2023 5:44 UTC


Commentary & insights

US ISM Services point to slowing inflation in the services sector

  • Latest headline ISM services reported a reading of 50.3 vs the 52.4 many analysts had been expecting

Prospects of a wide trading range underway?

US 30 could move 2,200 points towards the downside or 1,135 points towards the upside?

Screenshot 2023-06-06 111006
Chart 2 US 30 as of June 6 2023 6:15 UTC

US 30 Index: Despite that current price 33,565 (chart 2) is above its multi-month October, March, and May upward trend line, risk for a wide trading range to develop remains a prospect. On the downside, provided the support at the round number 33,000 fails to hold, then the prospect for 31,370 can not be ruled out. On the upside 34,700 could be a cap. Therefore, a range trading strategy could be something to consider when trading the US 30 Index until a clear trend can emerge.

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Not investment advice. Past performance does not guarantee or predict future performance.