Trading Plan for May 20

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Published: May 20, 2019, 12:58 UTC

After the unexpected victory for conservative Prime Minister Scott Morrison the Australian dollar was supported.

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Let’s find out what has been moving the market today.

After the unexpected victory for conservative Prime Minister Scott Morrison the Australian dollar was supported. However, the trade war risks keep circulating and any fresh negative news may hurt the aussie. Take a look at AUD/USD.

After the People’s bank of China’s comments on keeping the yuan stable, the Chinese currency gained. Its strength now depends on the path of trade talks. - Also, pay attention to the USD/BRL pair. The trade war uncertainties, national protests against the freeze of educational budget and cuts of the growth forecasts weakened the Brazilian currency heavily. The release of the level of business confidence today at 17:00 MT may support the BRL, however, the risks of the further weakness remain.

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