Originally updated: 07:35
Trading Bias: SHORT
Currency pair: AUD/USD
Current Sentiment: Bearish
In today's trading session we will be focussing on selling opportunities AUD/USD.
Fundamentals:
Markets were relatively quiet overnight although the AUD underperformed following comments from RBA Governor Stevens, who talked the AUD down and flagged potential further rate cuts, along with the RBA minutes that showed further easing is still on the cards going forward. So the markets expectations of a rate cut from the RBA in May have been increased and we can expect any rallies on AUD/USD to be short lived.
Technicals:
We expect this pair to fall lower during today's session.
There is strong resistance at 0.7750 should it rally that far, failing that, around the 0.7700 level is noted as medium term level of resistance which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could negative for the USD which would change the sentiment on this pair
Other Market Moving News:
Looking ahead on today's calendar we have a very light session with only German ZEW Economic Sentiment in the european session, followed by Canadian Wholesale Sales in the US session.
News overnight news is relatively limited, with the only real note being the USD index, which broke above yesterdays New York session highs.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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