AudUsd is trading heavy after the softer than expected data of the least few days and seems set to test support at 0.7480, below which would allow a run towards 0.7400. Today’s slide was assisted by slides in copper & iron-ore futures and helped the Aud to reach the low of 0.7504.
1 hour/4 hour indicators: Turning lower
Daily Indicators: Turning lower?
Weekly Indicators: Turning lower
Preferred Strategy: Trading from the short side continues to be the plan ahead of next week when the Fed is expected to hike rates. I therefore suspect that further upside for the Aud will be limited and selling into rallies is still preferred. Note that the China CPI is due tomorrow and could impact on the Aud and Monday’s open.
Sell AudUsd @ 0.7540. SL @ 0.7580, TP @ 0.7470
Economic data highlights will include:
Home Loans, Investment Lending for Homes, China Trade Balance
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