AUDUSD, Daily
The AUD is under pressure amid a backdrop of falling equity markets and softer commodity prices and poor Chinese manufacturing PMI numbers, which are alll negative factors for the AUD. The Australian trade balance report is due out tomorrow, a worse than expected trade balance is likely to cause a further selling pressure on the AUD.
Technically, the AUDUSD price is in a multi-month trading range; I am seeking a target below the current market prices towards the lower end of the multi-month trading range near last September’s 0.6980 area.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
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